Within the twisted mind stirs a penchant for pain.I sat down in his shade with great delight,
And his fruit was sweet to my taste.
—Song of Solomon
* * * * *
John Taylor of the National Community Reinvestment Coalition offers a timely review of the financial crisis' evolution, giving pause to those who think it a good idea to allow the real estate market to spiral into free fall...
"Free market shock therapy" is 19th century policy whose desirability obviously must be slight, otherwise the panoply of regulatory bodies formed over the past century would not have come to be. Let's be clear, too. Congress could have charged Fannie and Freddie to buy up mortgages from phantom Martians, yet if the private sector saw no easy way to scores hundreds of billions of dollars in the packaging and slicing and dicing of these securities, then Congress' intent would have been for naught. Unchecked greed infected every layer of our social fabric, transforming the house whose sole purpose should be a home into an alluring cash spigot. There is plenty of blame to go around, yet not enough understanding about how to create economic conditions conducive to stability making for fair provision of such a basic necessity as a roof over one's head.
—Tom Chechatka
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