Mortgage woes

American Enterprises economist Desmond Lachman has an article in today's Orange County Register in which he argues that the subprime mortgage "fiasco" and the downturn in the housing market are worse than most people recognize. The problem is, he doesn't say what he thinks should be done about it other than feel depressed. If he hopes for a government bailout or tightened regulations on mortgage lending then he's barking up the wrong tree. Those things would make matters worse.