Saturday, August 01, 2009
Let's Treat Borrowers Like Adults - WSJ.com
People should be able to make their own choices; AND, be accountable for them.
No government agency can fix that as no parent can protect their children from everything.
Personal responsibility should be the dominant theme...
No government agency can fix that as no parent can protect their children from everything.
Personal responsibility should be the dominant theme...
Todd J. Zywicki writes in the Wall Street Journal and concludes:
"Instead of a new consumer financial products safety commission, Washington should revise the disclosures it mandates for mortgages, its tax and other incentives that encourage overinvestment in housing, and the incentives for homeowners to walk away from their homes. Our current problems are caused by misaligned incentives and the rational response of consumers and lenders to those incentives. It's not a crisis of consumer protection. A new agency premised on the erroneous belief what consumers need is to be protected from themselves is likely to do more harm than good."
