Hate Big Oil's Profits? Hate Homebuilders' Too

Americans outraged over the price of gasoline and the sensational profits of oil companies of late should stop a moment and look inward. Not at their souls, but at their homes -- which have appreciated in value at least as much as gasoline, and in many cases much more.

According to U.S. Census data, the price of the average home in Los Angeles is up 112% in the past five years, 106% in Miami and 91% in New York. Meanwhile, unleaded gasoline futures traded at the New York Mercantile Exchange are up only around 85%.

By the logic of consumers calling for the heads of oil company executives, homebuilders and real estate brokers ought to be on the hot seat too. The fact that all wrath is directed toward energy producers shows a bubbling hostility for the boom-and-bust dynamics of capitalism among those who feel left out of the rising tide of economic growth. ...