Diagnosis: Excellent. Prescription: None
Until we as a country figure out how to divvy up these losses on housing and let these markets clear and move on, they will be a serious drag on employment.
–Thomas L. Friedman, “The Uncertainty Tax“; The New York Times (6/11/2011)
NYT Columnist (and former St. Louis Park ECHO staffer) Tom Friedman has a nice Op-Ed in the Sunday Times discussing the drag that underwater homeowners present for the economy.
Unfortunately, while his diagnosis is spot-on, he doesn’t offer a prescription.
P.S.: How do I know what’s in the Sunday paper on Saturday? The features, magazine, travel, real estate and numerous other sections are posted online earlier.