McCain’s Misguided Mortgage Bailout

As promised in an earlier post, here is the latest iteration of my Los Angeles Times debate on financial markets, housing policy, and the role of government. Wednesday's debate featured a discussion of Senator McCain's $300 billion scheme to buy bad mortgages. Not surprisingly, I explain why taxpayers should not be responsible for rewarding borrowers and lenders who were imprudent. Next installment will be up tomorrow.