Forget Wall Street, Occupy Congress
The much-maligned cash for clunkers program for cars required that the car dealer had to destroy the clunker, which reduced the inventory of existing cars and cleaned out inventories.
How could it be that after the biggest housing bubble in the history of the country, no big national builder went bankrupt? Very few people complain about how the Congress bailed out the home builders with no strings attached.
In states like California where people do not have personal liability on a mortgage, the foreclosures took place quickly and the quick foreclosure process stabilized the market much sooner as opposed to Florida, Arizona, and Nevada.
What can we do to help the situation?
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