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September 28, 2008


So, where are the cons?

I would have been happy if nothing was done but (2) -- but the (1), (3) and (4) aren't bad either.

Kind of like finding out that the girl you're planning to marry has a more reliable car than you do... 'Where do I sign?'

On the other hand, I wonder why the MSM is getting away with ignoring the Left's hand in creating this environment -- for those smaller banks who saw fit to avoid writing bad loans in the first place, they may find opportunities to forage through some profitable years in the next decade; for those larger banks who chose to humor A.C.O.R.N. and other Obama buddies, I'd love to say 'rot in hell' if it were clear that our economy had some measure of stability at the moment... but it appears to be swinging in the wind at the moment, from the tallest tree in town.

{From DR -- Thanks for your comment, and good point about the "cons". "The devil is in the details." The problems are in the unintended consequences, which I can't list, because no one knows what they are.

By definition, the free market is actually going on in all our heads, simultaneously. That's where things like the valuation of houses gets done -- inside our collective minds.

When government intervenes in the free market, it cannot possible account for the activities of all minds, and the behavior that comes from them.

As you point out, the government already intervened in the guidelines for mortgage lending,which created this mess in the first place.

A second intervention to fix the problem may or may not work. -- Pro Patria}

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