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At the drop in housing prices, look at the spike of unemployment, look at the same numbers in california or new york, i look at that data and then i look at the cost of health care which is the underlying problem whether it's medicaid, medicare, the pension system. i do not care. and i look at our health care system which costs double any other western nation that doesn't have competition, that does have a fee for service doctoring model that ratchets up the price. how is it that we can say we're going to cut this, cut this, but not address the thing that's causing the housing problem, not add...

How is it that we can have a budget debate where we deal in -- forgive my french -- fleas on a dog's behind when the problems are trillion dollar problems, housing problem, employment problem, our health care is twice what it should really cost. and we're sitting here saying we're going to cut your $24,000 pension. >> dylan, i'm not surprised. i've been in sacramento for 14 years and politicians have a tough time making tough decisions. they're just afraid. right now they just pushed it down the road a little bit, they kicked the can down the road. now they're going to have the same problem in...

Supported anymore. should the government been in there in the first place? housing prices would have fallen farther and faster and bigger shock to the system. that would have been a free market result. maybe the government should get out of there and let housing prices fall 30-40%. but we should also get rid of the mortgage tax -- the interest deduction for the middle class and have absolutely free market and let the housing markets fall 50%. >> david: mike, is the government helping or hurting the housing problem being so far into it? >> hurting it. the main reason it's hurting it, it has hur...

Have really flattened out in the last year. and while it is true that most economists expect a small dip from here largely as a consequence of the ending of the tax credit, the data doesn't show that at this particular stage. in home prices stay stable, then i think we will skirt the worst of the housing problem. but right under this current price level, maybe 5% to 8% below is a very large block of mortgages which are under water so to speak or could be under water. and that would induce a major increase in foreclosures. foreclosures would feed on the weakness in prices and it would create a ...

Last year. and while it is true that most economists expect a small dip from here largely as a consequence of the ending of the tax credit, the data doesn't show that at this particular stage. in home prices stay stable, then i think we will skirt the worst of the housing problem. but right under this current price level, maybe 5% to 8% below is a very large block of mortgages which are under water so to speak or could be under water. and that would induce a major increase in foreclosures. foreclosures would feed on the weakness in prices and it would create a problem so that it is touch and g...