Quote Of The Day

“In my opinion, mortgage loan modifications are the biggest macroeconomic mistake of the Obama Administration. I could not tell you whether the stimulus bill helped or hurt. I am skeptical that the health care bill or the Dodd-Frank bill had much effect. But I am pretty sure that I was right in 2008 when I said that the housing crisis would be prolonged by efforts to modify mortgages. As you look around for places to cast blame for the depressing job statistics, do not overlook loan modifications.” — Arnold Kling, economist