New York Times / PAUL KRUGMAN

Op-Ed Columnist: After The Money's Gone

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Krugman misses the point (a rarity). NOBODY wants to see empty houses on the market at a 30% discount. Not the creditors (who take the loss), not the realtors (who will usher in a new depression in their industry), not the soon-to-be evictees who never should have financed that way but did anyhow.

What has to happen is that all of these ridiculous loans have to be re-written. This is called a workout agreement. And people-not the banks (but, hey, this is BushWorld) should get the relief to keep them in their homes and keep the markets from collapsing.

Hey, the government bailed out Chrysler (remember them) for similar reasons and they made money on their success.

Where is leadership when you need it most?