In the category of "No she didn't!": Hillary's idiot answer to the mortgage crisis

From A Secondhand Conjecture via the usual other sources, Hillary Clinton is now advocating a “moratorium on foreclosures for 90 days [and] freezing interest rates for five years."

In the "Me,too, I'm a bigger idiot, really, pick me" category, John Edwards wants to freeze the rates for seven years!

My readers will certainly intuit why this would be a gigantic economic disaster (aside from being frighteningly unethical), but if you want the details on what would happen, visit Lance.

I'm taking some comfort at this point in the fact that the US has not elected a Senator to the Presidency since 1960.

Comments

Waldo Lydecker's Journal said…

These ideas are a throwback to the Depression era. All kinds of mortgage moratorium ideas floated around back then, some developed by "activist courts" in the wake of a blizzard of litigation to prevent banks foreclosing.

It's a sign things are really bad in the economy when ideas like this find traction, all the smiley-face talk from the President and Henry Paulson notwithstanding.

January 19, 2008 at 12:55 AM

The Obligatory Libertarian Tax Day Post

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