From a reader, “This is the same person who publishes the Case/Schiller housing index which is so widely cited…”:

We have to consider the possibility that the housing price downturn will eventually be as big as that of the last truly big decline, from 1925 to 1933, when prices fell by a total of 30 percent[…]

We should take full advantage of the innovation opportunities stimulated by our current troubles. We would emerge much stronger and better for it.

–A Time for Bold Thinking on Housing [New York Times]