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Government's "Stubborn Ignorance" Affect on Housing

George Mason University’s economist, Walt Williams, states in his recent publication Stubborn Ignorance

The credit crunch and foreclosure problems are failures of government policy. In fact, what we see now is a market correction to foolhardy government policy. Congress’ move to bailout lenders and borrowers who made poor decisions will simply create incentives for people to make unwise decisions in the future. English philosopher Herbert Spencer said, “The ultimate result of shielding men from the effects of folly is to fill the world with fools.”

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