Brad DeLong provided a couple of excerpts to explain why he could never be a Republican. One excerpted article recounts a devilishly funny (and disturbing?) moment at a Michael Steele Q&A event on health care, in which the RNC chairman appeared to lack a basic understanding of the vocabulary used in the health care debate. Steele reportedly ducked a question by stating that he doesn't "do policy." "This is simply too humiliating for anybody with an ounce of self-respect to bear," quipped DeLong.

Paul Krugman is quiet.

Barry Ritholtz listed his top seven (actually, eight) reasons why he doesn't think the housing market has hit rock bottom quite yet. Among the causes listed are: unemployment rates (Ritholtz said they're likely to rise over the next several quarters), psychology ("the investing and home owning public are shell shocked," Ritholtz said), and a new national trend toward deleveraging, after what Barry calls a "40 year credit binge." This post, on the whole, is a big downer. Still, we're glad to see that Ritholtz hasn't turned to the dark side of irrationally optimistic financial forecasters—or, as he would refer to them, "the usual happy talk TV suspects (i.e., Cramer)."

Felix Salmon retraces the origins of the "right-to-rent" policy option, arguing that the government should facilitate long-term rental agreements for foreclosed-upon homeowners. Keeping people in their houses as renters isn't just benevolence, it's good for everyone: More renters would drive down unemployment and be good for the whole economy, says Salmon.