An Open Letter to my Friends on the Left

An Open Letter from Dr. Horwitz at St. Lawrence University:

To call the housing and credit crisis a failure of the free market or the product of unregulated greed is to overlook the myriad government regulations, policies, and political pronouncements that have both reduced the “freedom” of this market and channeled self-interest in ways that have produced disastrous consequences, both intended and unintended.

An Open Letter to my Friends on the Left.

He is against the bailout, which I support, but he makes some great points about the “freedom” of the housing market. I’ve said before that I support some kind of bailout, just so we don’t see companies unable to make payroll in the coming weeks, but we don’t need to prop up the housing market or banking systems. Just provide the necessary, temporary, liquidity to maintain low-level lending.