[lbo-talk] Goolsbee: subprime was pretty groovy (in 2007)

Michael Smith mjs at smithbowen.net
Mon Dec 1 04:14:59 PST 2008


On Sun, 30 Nov 2008 22:43:45 -0800 "Jordan Hayes" <jmhayes at j-o-r-d-a-n.com> wrote:


> Michael Smith writes:
>
> > this wasn't a case of generally looser
> > credit. This was a case of loose credit narrowly targeted at
> > a specific purpose, namely amateur real-estate speculation.
>
> Feh. All that 'amateur real estate speculation' doesn't add up to the
> shit that we're in; the real evil here is large unregulated markets

Undoubtedly. But that's a different topic. The original (narrower) one here was whether handing out mortgages like Mardi Gras beads was in itself a Good Thing as far as it went -- spreading the wealth etc.

--

Michael Smith mjs at smithbowen.net http://stopmebeforeivoteagain.org



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