The Mortgage Market Mess

Mises.org reports:

What is rarely asked is why home ownership ever became the American Dream. The dream was never so much to own a home for the sake of it. Rather, the real dream has always been to protect wealth from the evils of inflation, and the middle-class housing market generally served that purpose. Housing was the middle class's best hedge against a growing government intent on expanding its scope and power by inflating the money supply.

Today, housing looks like a relatively weaker hedge, and if this trend continues, middle-class wage earners will have to find better assets in which to store the brunt of their wealth.

Uncle Sam the scam man.