tag:blogger.com,1999:blog-1110014885778996459.post4186799120686372912..comments2024-03-28T01:12:29.954-07:00Comments on Idiosyncratic Whisk: Housing: Part 119 - Review of Household Debt and Credit ReportKevin Erdmannhttp://www.blogger.com/profile/07431566729667544886noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1110014885778996459.post-75250503052016890852016-02-29T10:50:39.120-07:002016-02-29T10:50:39.120-07:00Intersesting. The commentary at the link isn'...Intersesting. The commentary at the link isn't necessarily wrong. There is a lot of "mood affiliation". Loaded statements like "All the bad actors on Wall Street got bailed out but responsible home buyers whose only mistake was buying in 2005, 2006, 2007 or 2008 didn’t." verge on being factually incorrect, in the service of tribal signals. But, a bunch of low down payment loans do make the system less robust. It's not wrong. But, if you cut a hemophiliac, and he bleeds to death, did you kill him or did the hemophilia? There's a lot of causal density, which is probably what helps everyone defend the most convenient version of the story.<br /><br />It looks like Geithner is downplaying the moral hazard complaint and arguing that stimulus should have happened sooner. I'd say that puts him well ahead of most. He has the causation backwards on credit expansion leading to home price appreciation, but everyone does, so I don't know that I can fault him much for that - at least until he gets a copy of my book. :-)Kevin Erdmannhttps://www.blogger.com/profile/07431566729667544886noreply@blogger.comtag:blogger.com,1999:blog-1110014885778996459.post-65432932596540613892016-02-28T11:36:00.169-07:002016-02-28T11:36:00.169-07:00Tyler Cowen links to a review of Tim Geithner'...Tyler Cowen links to a review of Tim Geithner's Coursera course on the Financial Crisis: <br />http://www.realestatedecoded.com/tim-geithner-class-on-the-financial-crisis-and-housing/<br />Would you care to comment?Philohttps://www.blogger.com/profile/02814125172453918700noreply@blogger.com