The housing industry is headed for a downturn. Some will be hurt. Yes, some people are hurt by the ups and downs of any given industry. But please let us resolve (or "highly resolve" if you like Lincolnian echoes) NOT to support any sort of bail-out this time. Demand is failing. Mortgage applications are down. This will lead to a collapse in housing prices. That could lead to a fall -- perhaps not just in inflation-adjusted terms but in nominal terms as well -- of rents and a range of other costs of living. Combined with a resolute monetary policy THAT could be the beginning if a return to health for a feverish economy. Let's not screw it up by short-circuiting the healing.