Crunch time Why did Romney say foreclosures should be allowed to bottom out?

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Without reading it, I would guess because the housing market has to find a bottom and a market value, like it or not. You can delay, postpone or put it on life support, but at some point, you have to let the market correct itself

That's why we need a businessman. Community organizers don't get it...Show more

I would like to point out that using barackobama.com, or any candidates webpage for that matter as a source is not the best way to go about researching something. They tend to be a just a little bit biased.

But in either case, from a macroeconomic standpoint, Romney is correct. I think we can all agree that in retrospect, it was insane that in Florida a very modest 3 bedroom home would sell for $250,000. Once everyone pulled their heads out of their asses and realized that these millions of people had absolutely no way of paying off the mortgage, the market is due for a massive correction. As other people have mentioned, the government can manipulate markets or put it on life support, but at the end of the day we needed to find out what the real value of these homes are, and let the free market do its thing.

As a side note, during the real estate bubble, everyone was on board with it. Both political parties were all talking happily about rising home ownership, blah blah blah. So just as an fyi, the problem wasn't caused by any one political ideology....Show more

just romney being romney...Show more