Zuckerman considers how American families are confronting the decline in the value of their homes and the broader effects of this on the economy. It is not too difficult to understand why demand for housing has declined and will not revive anytime soon given that home ownership is no longer seen as the great, long-term buildup in equity value. This is a disturbing development for those who believe that housing is going to lead America to an economic recovery as it did during the Great Depression and every recession since. Zuckerman argues that the more the government tries to prevent prices from finding an equilibrium, the longer it will take for the economy to begin growing again.
Zuckerman is chairman and editor in chief of US News & World Report.