I listen to last weeks This American Life podcast last night. It is one of the best pieces they have ever done and believe this is an absolute must listen for anyone wanting to better understand the current housing & mortgage conditions in America.
It reminds me of a speech Charlie Munger gave at Harvard Law School.
“So people who have loose accounting standards are just inviting perfectly horrible behavior in other people. And it’s a sin, it’s an absolute sin. If you carry bushel baskets full of money through the ghetto, and made it easy to steal, that would be a considerable human sin, because you’d be causing a lot of bad behavior, and the bad behavior would spread.”
download podcast here or a shorter companion version of this story appeared on NPR’s All Things Considered.
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