Letters to the Editor
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How unfortunate that Mr. Paulson doesn't trust the marketplace
It is infuriating but not uncommon for business people to have little understanding of the market. What is even more infuriating is that Mr. Paulson also doesn't understand government.
Complexity is precisely where the government falters (although, truth be told, the government often takes simple things and makes them complicated).
The mortgage situation is the very essence of a self-correcting problem, one exacerbated by government's insistence that the road to prosperity is owning a home. Owning a home is an expensive proposition and not necessarily in everyone's best interest.
It is unfortunate that some people will be hurt in this situation, although the number of subprime mortgagees who failed to read even the rudimentary points of their contracts is appalling. There are no doubt ways to help them that don't involve the strong arm of government. Surely all these mortgage companies don't want to deal with massive ever-devaluing properties.
I have seen some significant economic busts in my life and life has gone on, just as it will when the dust settles on this so-called crisis. Government intervention is only going to prolong the agony.