by David P. Gontar (January 2016)
Courtier: Sire, the peasants are revolting.
Tsar: Yes, aren’t they?
- Ken Solin
One of the most puzzled-over lines in Shakespeare is “The first thing we do let’s kill all the lawyers.” (King Henry VI, Part II, IV, ii, 78). Some take this outrageous utterance as a mere “Lawyer Joke” more>>>
a j head
Ok, so not kill them all. But a sane and functional society must find ways to curtail their rapacious breeding habits.
I am your biggest fan. I have given your book of Shakespeare essays to a dozen friends and at your suggestion, read the entirety of Hank Widdemore's magnificent Monument. That said, I must disagree with a part of your analysis of the mortgage debacle and about ARMs in general. Properly designed, as some were, they were beneficial to the public. The real problem revealed in 2008 was the massive demand for higher yield MBSs fueled by the GSEs which had required a public policy created loosening of underwriting standards. Properly designed ARMs underwritten to previously accepted standards would probably not have led to the crisis. For evidence, see Australia or Canada. Both countries use ARMs almost exclusively and suffered no indigenous mortgage crisis.