The Atlantic: How The Crash Will Reshape America

My friend Barb Rybka forwarded this excellent article from The Atlantic, How The Crash Will Reshape America. Please do spend the time reading this rather long article. It is worthwhile. Among other things, it says: “If anything, our government policies should encourage renting, not buying. Homeownership occupies a central place in the American Dream primarily because decades of policy have put it there. A recent study by Grace Wong, an economist at the Wharton School of Business, shows that, controlling for income and demographics, homeowners are no happier than renters, nor do they report lower levels of stress or higher levels of self-esteem.”

I could not agree more. I have never understood the obsession with buying homes, and look at where it has got us!