The foxes are still guarding the henhouse
I’m just going to quote the first paragraph of this recent editorial from the Atlantic:
Housing policy reform is beginning to take shape. At this point, it looks like both the financial sector and Washington agree that the government must maintain a big role in the mortgage market. The favored strategy to do so thus far appears to be government mortgage guarantees that require a fee from banks that wish to obtain them.
I honestly read it twice to make sure I wasn’t missing the “April Fools” or some really subtle joke. I’m not. If on any idea you can say: “the financial sector and Washington agree” that ought to be a clear sign that you should NOT implement that idea. It is a BAD IDEA.
At what point do we stop letting the incestuous relationship between Wall Street and Washington dictate our economic policy? How many taxpayer dollars do these two groups have to soak up before we say enough?