Saturday, November 01, 2008

'Duh' of the century

New York Times:

Even as political pressure builds in Washington for a sweeping program to help struggling homeowners, some banks are realizing that it may be good business to keep borrowers in their homes.
Ya think? So much for the theory that free market capitalism knows best. It only knows best for the quarterly profit; long term consequences be damned. This is why we need regulation. To save businesses from themselves, and you and I from them. This lesson has to be learned over and over again, the hard way.