In the case of mortgage markets, the internal contradictions of regulatory policy are more of a problem than the execution of the policy. For example, you can't place a high priority on home ownership for the "under-served" and then act all put out when so many of these folks who can't afford homes wind up in foreclosure.
Proudly delegitimizing the state since 2005
"Aye, free! Free as a tethered ass!" —W.S. Gilbert
"All the affairs of men should be managed by individuals or voluntary associations, and . . . the State should be abolished." —Benjamin Tucker
"You must first enable the government to control the governed; and in the next place oblige it to control itself." —James Madison
"Fat chance." —Sheldon Richman
Wednesday, April 02, 2008
A Key to the Mortgage Debacle
From Arnold Kling at EconLog:
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