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