How NOT to Fix the Great Real Estate After-Bubble

The Huffington Post recently published an essay optimistically titled “How to Fix the Great Real Estate After-Bubble.” The “fix” proposed by Mary Manning Cleveland, a professor of environmental economics at Columbia University, is to get Congress to force banks to write down the principal balances on millions of underwater mortgages to their post-bubble market values. [...] For those that don’t know, reverb makes a sound appear to resound in a succession of echoes, giving the effect that it’s being played in a large room

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