Perry,
CDC's right, just not very nice in the way he responded. What many fail to see is the "historical" application of what has happened in the last 10 years.
http://mysite.verizon.net/vodkajim/housingbubble/
historically speaking, housing is just "correcting" to market demand. Very few were complaining when it was "good," despite the warnings of how bad "good" would get.
This is just what the taxpayer deserves for allowing social engineering to manipulate a "free-market" system.