[lbo-talk] Great Moments in Punditry: Calling Dean Baker

[michael perelman]

46: "And so defenders of faith in the Bush boom abounded, typically in
and around the Bush administration. Early in 2005 in the Washington
Times, James Miller III, who had served as Ronald Reagan's budget
director, lauded "the efficient U.S. arrangements for housing finance"
as "the envy of every other country." The trillions going into home
loans reflected the accumulated wisdom of a competitive financial
system: "Gone are the days of mortgage credit crunches and exorbitant
mortgage rates spreads. American homeowners . . . are assured of a
steady, liquid, and generally affordable supply of mortgage credit.
And investors, both domestic and foreign, are provided a flow of debt-
and mortgage-related securities that are highly liquid, transparent,
and secure." Miller, James III. 2005. "Should Homeowners Worry?"
Washington Times (7 January): p. A 17.

More at:

http://michaelperelman.wordpress.com/2011/08/16/great-moments-in-punditry-calling-dean-baker/

-- 
Michael Perelman
Economics Department
California State University
Chico, CA
95929

530 898 5321
fax 530 898 5901
http://michaelperelman.wordpress.com