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Foreclosure Task Force: Worse Than Stress Tests?

By Implode-Explode Heavy Industries

"Felix was far too charitable in his appraisal. He treat Barr as a dedicated public servant, which by implication, unwittingly gives the Treasury and other regulators a pass if their intentions appear genuine. But terrorists, um, freedom fighters are also nothing if not sincere. In my very limited interactions with Treasury staff, they seem at a minimum to be victims of what Willem Buiter has called ?cognitive regulatory capture?. Sincerity is of little moment if you are operating from a badly skewed world view."

Full post as published by Mortgage Lender Implode-o-Meter on November 24, 2010 (boomark / email).