What a surprise! Government, once again, is jumping into the market too late. The targets of new legislation, sub-prime lenders, are already quickly going under because of unwise business practices. Despite the fact that the market is already solving the problem, Congress thinks the poor consumers need “saving.”
Even more typical, Sen. Dodd, the major proponent of legislation on subprime lending, claims that government failure (the fed this time) caused the problem in the first place.
