Speculation and the Housing Bailout

06/23/2008 Mark A. Pribonic

Reminiscent of a juvenile accepting a dare to do something stupid, the chairman of the Senate Banking Committee, Senator Christopher Dodd, crowed to reporters the other day that committee members had done what many thought would be impossible: the committee agreed to legislation that would rescue homeowners facing foreclosure. Not to disappoint the senator from Connecticut, but few of us ever doubted the ability of politicians to dilute the risks and rewards of voluntary exchange, writes Mark A. Pribonic.

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