So much of what the administration rails about as causing the current crisis is exactly what they’re now hailing as its solution. According to this wisdom, banks should lower rates and lend more, and credit card companies should do the same. Richard Posner rightly notes in today’s Wall Street Journal that the Fed preaches fiscal discipline while being the most undisciplined of all. It reminds me of the argument for government-funded methadone for addicts; that somehow this will make the situation better.
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