The Moral Economy By Victor Davis Hanson

In this heated campaign season, housing prices are plummeting. Banks write off billions of dollars in unrecoverable debt. The stock market wildly fluctuates almost hourly. Candidates promise painless and near instant relief.

But despite the politicians' rhetoric, it is not hard to understand why America is in trouble.

First, there has been too much madcap real estate speculation. In recent years, housing prices were driven sky-high on the expectation that almost anyone, often with little security, could profit by borrowing easy money to buy and sell property.

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