Fiscally nuts. Socially insane.

Wednesday, September 24, 2008

"Step 1" Intervention

Intuitive logic is never misdirected:

But intervening at Step 1 would arguably cut more directly to the GRASSROOTS of the problem, while AVOIDING that whole bugaboo of "socialism" raised by direct, top-end, government buy-outs and bail-outs.

"Step 1," FYI:

1. The bursting of the housing bubble has led to a surge in defaults and
foreclosures, which in turn has led to a plunge in the prices of mortgage-backed
securities — assets whose value ultimately comes from mortgage payments.

It makes sense, and calling it what it is, it's much more... capitalist than previous ideas. I like it...

Kudos to GR.

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