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Badly needed piece of bad legislation

10/05/2008

Friday’s House passage of the “bailout/rescue bill” was the most badly needed piece of bad legislation in American history. It was bad legislation because it focused on the symptoms of the credit crisis, and it was badly needed because it may have bought us enough time to focus on the cause, which is falling home prices. After all, they are the collateral for all those mortgage loans. Loan quality is increased when collateral quality is increased.

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