Stimulating the housing market is psychotic

I’ve been saying this for a few weeks now, and maybe the Fed simply sees something that the rest of us don’t, but existing home prices jumping 20% in a year doesn’t quite scream S.O.S. to me. It doesn’t seem to require a relentless stream of billions of dollars in asset purchases. In my town, on the south shore of Long Island, houses are listed at 10 o’clock in the morning and by 5 pm they...

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