Friday, 16 August 2013

No Fed, No Destructive Housing Bubble

By John P. Cochran

Yesterday’s Wall Street Journal had a nice short summary of how bad housing policy over several administrations misdirected greed (self interest or prudence) into actions by private actors that created the bad paper underlying the financial crisis. Unfortunately the authors, Gramm and Solon, greatly understate the role of the Fed in this calamity. My letter to the editors of the WSJ.

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