{"id":625,"date":"2008-06-12T09:43:44","date_gmt":"2008-06-12T14:43:44","guid":{"rendered":"http:\/\/www.joewhite.com\/?p=625"},"modified":"2008-06-12T09:43:46","modified_gmt":"2008-06-12T14:43:46","slug":"the-market-and-the-government-by-arnold-kling","status":"publish","type":"post","link":"https:\/\/www.joewhite.com\/ramble\/2008\/06\/the-market-and-the-government-by-arnold-kling\/","title":{"rendered":"The Market and the Government, by Arnold Kling"},"content":{"rendered":"<p><a href=\"http:\/\/econlog.econlib.org\/archives\/2008\/06\/the_market_and.html\">The Market and the Government, by Arnold Kling<\/a>:<br \/>\nOn the one hand, The Washington Post reports,<\/p>\n<blockquote><p>high fuel prices are having disparate effects: the end of free pizza deliveries at major franchises, a plunge in the sales of sport-utility vehicles, a steep drop in the price of houses that are far from jobs or mass transit.<\/p><\/blockquote>\n<p>On the other hand, from another story on the front page,<\/p>\n<blockquote><p>In 2004, as regulators warned that subprime lenders were saddling borrowers with mortgages they could not afford, the U.S. Department of Housing and Urban Development helped fuel more of that risky lending.<\/p><\/blockquote>\n<blockquote><p>Eager to put more low-income and minority families into their own homes&#8230;HUD stuck with an outdated policy that allowed Freddie Mac and Fannie Mae to count billions of dollars they invested in subprime loans as a public good that would foster affordable housing.<\/p><\/blockquote>\n<blockquote><p>&#8230;From 2004 to 2006, the two purchased $434 billion in securities backed by subprime loans, creating a market for more such lending. Subprime loans are targeted toward borrowers with poor credit, and they generally carry higher interest rates than conventional loans.<\/p><\/blockquote>\n<p>These stories illustrate that markets adapt while government regulation can exacerbate problems.  However, I doubt that this will alter the standard narrative, which is that every imperfection in markets requires more government regulation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Market and the Government, by Arnold Kling: On the one hand, The Washington Post reports, high fuel prices are having disparate effects: the end<\/p>\n","protected":false},"author":647,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[],"class_list":["post-625","post","type-post","status-publish","format-standard","hentry","category-random-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pekNN-a5","_links":{"self":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/posts\/625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/users\/647"}],"replies":[{"embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/comments?post=625"}],"version-history":[{"count":0,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/posts\/625\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/media?parent=625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/categories?post=625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.joewhite.com\/ramble\/wp-json\/wp\/v2\/tags?post=625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}