(By the way, I have a suspicion that the Peking Olympics had something to do with the spike in oil prices. Remember how diesel got much more expensive than gasoline? Were the Chinese stockpiling diesel for some reason? Anyway, it's odd that trying to find an explanation for this bit of traumatic recent history has largely been forgotten.)
So, how is Quantitative Easing II going to make people want to buy all the foreclosed homes in the exurbs? I mean, I could see how high gas prices could do inner suburbs some good by making them more desirable than exurbs, but I can't see how printing money solves the main housing problem: the exurbs. Maybe printing more money won't inflate oil prices this time, but it sure seemed to last time.