I’m visiting the Atlanta Fed this week, and had planned to arrive in my hotel room Tuesday evening in time to compose something interesting for you to read Wednesday morning. But the Atlanta airport was “closed for weather” as the airlines choose to word it, so I flew to Greenville, SC instead, drove a rental car to Atlanta, and arrived too late to say anything thoughtful.
I will leave you instead with this seven-year-old quote, and let you contemplate how history might have been different if anyone had listened:
Today, I will introduce the Free Housing Market Enhancement Act, which removes government subsidies from the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the National Home Loan Bank Board. . . . Congress should act to remove taxpayer support from the housing GSEs before the bubble bursts and taxpayers are once again forced to bail out investors who were misled by foolish government interference in the market.
|—Ron Paul, 2003|
(Hat tip to Patri Friedman.)