Categories:
Political Economy
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.
READER COMMENTS
guthrie
Sep 30 2010 at 10:37am
Have a nice day!
Dewey Munson
Sep 30 2010 at 11:31am
I recently chose to write about the failure of money to be a “store of value”
Here again is an illustration of the trouble caused by the failure of this characteristic.
It created a situation which led buyer and seller both to believe in an ever increasing dollar denominated home value while the home itself was a fixed asset.
The situation collapsed with the weight of fiat money which is in fact continuing to destroy us.
Pierre
Sep 30 2010 at 1:42pm
That is it! I’m buying the book!
😉
Pierre
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