Not Everyone Should Own a Home. Amen. What the Australians, the Europeans, and those who actually have to make their living in banking all get is that many, many people lack the means and others the responsibility to own their own homes. What was lacking in the run-up to the current bubble was not regulation. On the contrary, what was lacking was a free market – lenders were pressured more and more forcefully into suicidal maneuvers; most of them, facing oppressive government in the short term, opted for the long-term risk, held their noses, and took the plunge. And here we are, having inflated credit and the nominal money supply beyond all reasonable bounds, watching institutions which weathered two world wars and the Great Depression fold on a weekly basis. Methinks the problem was not leaving them alone too much of the time…
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