ECONOMIC ANALYSIS Mike Hicks: It's time for a little perspective on home foreclosures

A big financial crisis spreads the notion that the interests of Wall Street differ from the interests of Main Street. The "liquidity crisis" of the past few weeks, with its difficult jargon and complex financial instruments, is a prime example. Unfortunately, the notion that the tumult represents a failure of markets is exactly the wrong lesson to take away from this experience. In a nutshell, here's why. In the past few years, mortgage lenders-ranging from the George Baileytype savings and...

 

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