Charles Calomiris and Stephen Haber on Fragile by Design
EconTalk
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The Politics of Mortgage Subsidization
In the last 15 years or so of that policy, what we see is a george h w bush followed by bill clinton. And even though you might think of those people as very different ideologically, they actually were part of a continuous thread of very similar kinds of policies. In the case of the united states, we had activist groups allied to a bankers that were in the process of creating mega banks. So you got these unlikely partnerships ta, precisely because they straddled partisans lines. We're extremely durable, and hav made it very hard for any a party to deviate from the agreement.
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