Monthly Archives: March 2009

Pinn illustration

Lindsey Graham, the Republican senator, Alan Greenspan, the former chairman of the US Federal Reserve, and James Baker, Ronald Reagan’s second Treasury secretary, are in favour. Ben Bernanke, current Fed chairman, and an administration of liberal Democrats are against. What is dividing them? “Nationalisation” is the answer. Read more

By Christopher Joye

Make no mistake: President Obama’s $75bn housing plan is a policy disaster. It merely treats the symptoms of the calamity in an extremely costly manner via short-term interest rate relief and remarkably does nothing to prevent the next generation of borrowers experiencing the same problems.

The administration’s response also exacerbates the underlying dysfunction that is the root cause of the US’s housing market woes by, for example, offering defaulting borrowers scope to wriggle out of their contracts through the judicial system. Read more