Actually this statement is taken out of context.
Here’s what he is saying.
* Home prices must go down and housing sell-off must exhaust itself before this credit crisis resolves
* Government should not directly interfere with workings of free markets and must allow the system to cleanse itself
* IF there is a desire to reduce the stress among troubled homeowners, fiscal solution (giving away cash, presumably via tax cuts) is preferable to messing with free markets
