« Walter Williams on the Market Correction | Main | Opposing the Bailout» Don Boudreaux
September 21, 2008
Principled Libertarians Put Their Money Where Their Mouths Are
Don Boudreaux
George Will's column today offers much wisdom -- and this important emphasis of the historical record:
But in 1995, Fannie Mae, attempting to ingratiate itself with conservatives, approached Cato with cash, thereby proving that it understands libertarianism no better than it understands subprime mortgages. When [Cato Institute President Ed] Crane responded that Cato never accepts government funding, he received a starchy letter from Fannie Mae hotly denying that it was in any way a government entity.
Relatedly, Cato's Jim Dorn's essay on the mortgage meltdown is very good.
Posted by Don Boudreaux in Current Affairs | Permalink
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Comments
Who foretold the subprime fiasco nine years ago? None other than the NY Times!
http://tinyurl.com/4zjoc4
The "Crystal Ball" award goes to this quote:
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''
Posted by: True_Liberal | Sep 21, 2008 10:36:19 AM
Why does the NYT get credit for Peter Wallison's insight?
Posted by: Sam Grove | Sep 21, 2008 11:59:42 AM
I agree with most of George Will's article. Again not one word opposing the historic bail out of the crooks by main street. Not one word suggesting that it is unethical and unnecessary. Disappointed.
Posted by: Oil Shock | Sep 21, 2008 12:16:11 PM
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