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Politics : View from the Center and Left

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To: Dale Baker who wrote (40887)	9/2/2007 1:46:32 PM
From: JohnM	Read Replies (1) of 541957

Wise legislation will make it hard or impossible to take on too much risk. Stupid legislation will socialize risk and take away the cost so certain subgroups can benefit beyond their merits. You've taken it to a formula level at which I gather we'll just have to agree to disagree. I think the role of government is to provide a safety net for some of the elements in these incidents. I don't know enough about the internals to get into the details and I recognize that the details are absolutely critical. So I'm going to have to leave it at that. I gather, however, from your statements, you feel the government should have no role. But, to repeat myself, the combination of the vicious changes in bankruptcy laws a couple of years ago when the Reps ran congress with these foreclosures which head to bankruptcy not only means a great deal of individuals suffering (I have no beef for the companies that knowingly bought the risk) but, quite possibly, macro economic consequences as well.

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