If you want to know why us libertarian types are skeptical of the government’s ability to prevent housing market bubbles, well, I give you Exhibit 9,824: the government’s new $1000 down housing program.
No, really. The government has apparently decided, in its infinite wisdom, that what the American economy really needs is more homebuyers with no equity.
The country’s in the very best of hands.
Long term mortgage contracts are not so good if we go through a deflationary period. The rule used to be 25% of income for housing when people were sane. Then it went to 33% when ‘enlightened’ and 50% is not uncommon.
Stretch yourselves to the limits folks… ya don’t need any tolerance for adversity.
The nation is being governed by Lenny from Memento.
Their slogan “Hey! It’s not OUR money!”
McArdle is no liberterian, voting for Obama. She is so self-delusional.
I would have said Vinny Barbarino from Welcome Back, Kottar myself Titus. The rest of the administration is basically the Hanson brothers from Slapshot.
The nation is being governed by Lenny from Memento.
More like Lenny and Squiggy from Laverne and Shirley.
McArdle is a global warming believer too. Or at least was. Maybe she has a clue now.
I used to read McArdle, until I learned that she supported Obama. That’s an awful lot to atone for. How can I take her seriously now? I’m mystified as to why she gets so much linkage in the blogosphere.
And what percentage of total lending was actually regulated under the CRA again? Versus, say, the unregulated market?
I can wait.