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- that the problem will get worse forever, rather than recognizing the peak that has to occur;
- that nothing is being done about the demand side -- not so, because prices are coming down fast, mortgage money will get cheaper after FNM and FRE go away and there is a tax credit of size that matters; and
- that nothing is being done to keep people in their homes -- also really wrong, because of the FDIC's plan and the FHA money meant to stem these declines.