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George Will raises an interesting question

Posted on May 15, 2008

From the Washington Post:The housing perhaps-not-entirely-a-crisis resembles, in one particular, the curious consensus about the global warming crisis, concerning which, the assumption is: Although Earth's temperature has risen and fallen through many millennia, the temperature was exactly right when, in the 1960s, Al Gore became interested in the subject. Are we to assume that last year, when housing prices were, say, 10 percent higher than they are now, they were exactly right? If so, why is that so? Because the market had set those prices, therefore they were where they belonged? But if t...

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