Arnold Kling  

What I Said, Recorded Version

I Kowtow to Barefoot Gen Nominal Wages and Behavioral P...

The April 14 hearing on the HAMP program (modifying loans for troubled mortgage borrowers). I start some time after 1:31 (that is, one hour and 31 minutes into the hearing). I also got some questions at about 1:53.

I actually recommend listening to the first hour of the hearing if you want to get a sense of how clumsy the government becomes when a program that sounds good in theory actually comes face to face with reality. And to see how once government starts down the road of trying to "fix" the market, it just keeps fixing and fixing, without ever stepping back and asking whether the efforts are actually constructive.

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Steve writes:

To whom did HAMP sound good in theory?

Doc Merlin writes:

You understated your case. If the state has property taxes dependent on market value, then keeping the property values high, actually *hurts* people who don't want to sell their houses.

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