As a former bland bureaucrat I want to stand up and cheer whenever one breaks out and expresses an independent opinion.

Wall Street Journal blogs;

“Meanwhile, other wealthy nations”“notably Canada”“do without our kind of mortgages and yet somehow manage to have homeownership rates similar to ours. They do not pretend that there are risk-free ways to buy houses on credit.”

” ‘We can do with a lot less government involvement and still get what we want, just by making some fundamental changes.'”

The bureaucrat includes the bazillions being spent “saving” Fannie and Freddie as a cost of our mortgages. That’s reasonable. No, that’s correct. Those costs are mortgage costs.