Keeping Government At Bay

Megan believes the government shouldn't and can't successfully refinance people's mortgages:

Whether or not it should, there are certainly situations where the government can prop up prices artificially.  But the housing market is too big, and too dislocated, for that to work at this point.  The supply curve and the demand curve will find each other--and given the overhang of new construction, I'd guess that in the near future, they'll meet at a point even lower than we're seeing now.

Josh Marshall doesn't want a bailout of real estate developers either.