Unchecked and Unbalanced Watch
Back in the bubble, the one thing everyone (regulators, academics, politicians, journalists) thought banks were doing right, was mortgage lending. This conventional beltway wisdom now has more power.
Read the whole post, which consists of a 2003 quote from Countrywide CEO Angelo Mozilo. I assume that that Eric does not mean to say is that what has more power today is the view that banks needed to expand mortgage lending. Rather, he is suggesting that the social engineers now have more power. That is, of course, the point of the widely-unread Unchecked and Unbalanced or the Reader’s Digest version that recently appeared as The Era of Expert Failure.