panel, wall street journal columnist simon kohn stabl and fox business network s stu varney. what we said in the tauz wasn t exactly right. we said that president obama said we righted the howing ship and he hasn t said that. he said it s still a big challenge, housing is still a huge drag on the economy and these numbers bear that out. and it s going to be an even worse drag on the economy. we ve just had the settlements by the banks of the foreclosure mess so now we ve clarified the procedures that must be performed for a foreclosure. this opens up the flood gates to foreclosures. they have been holding back to clarify the rules. megyn: because they ve been so terrified because they messed it up and got in a bunch of legal trouble. now it s been resolved so it s open season on foreclosures. that s why realty track says you re going to have a million foreclosures this year, up from last year. this is bad news for the housing industry. more foreclosures means more houses on the m
up the dead weight? it has to have. it has to happen. there s no easy solution to this. the faster it happens, however awful it is, the better. it s like the plaster megyn: simon! it s going to be painful, but it has to have. has to happen. we had the credit binge. it is important to remember, there s no financial, no economic recovery that s been reboughs since the end of the second world war that has not involved houseing in a major way. megyn: it just seems to be a summit we cannot get past. we have to get past this and when we re through it the banks need to do what they said they would, which is start lending. but we re not through it. mig manager as a practical matter in the short item i think people are worried about the immediate future, if a bunch of foreclosures start happening in neighborhood. we don t know which are in trouble, but we re going to find out if foreclosures