White House Will Not Magically Fix Home Prices

Oct. 27 2008, Published 7:07 a.m. ET

The poor lame duck White House—you have gotta feel bad for them!—is trying to keep things from running off the rails before they all pack up and split town for their forthcoming sinecures. So today, in the morning's press gaggle with spokeslady Dana Perino, they were forced to admit there was nothing much to do about the infrastructure of the housing crisis. No, the market will deal with the glut of housing that is depressing home prices! (Duh.) Welcome back to near-reality! It's easy to destroy an economy but harder to patch a leaking boat while you're in it with everything you bought when the president told you to go shopping and you are currently using a bloated, drowned person as an oar.