MC just fails to acknowledge that handing out MBS government guarantees to financial intermediaries will result in a race to the bottom in both loan pricing and quality! Who wants a repeat of the GFC?
The Libertarian Federal Reserve Chairman Greenspan, turned his head the other way, incorrectly believing that the private market PLS would most efficiently price the risk/reward premium when instead competitors engaged in a race to the bottom and brought the world economy to its knees. Who wants that to happen?
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