YOU Are!
30 April 2007
Editor, New York Times
Dear Editor:
In "Who's Watching Your Money?" Robert Morgenthau demands tighter government regulations on so-called "predatory mortgage lending" (April 30). Such lending - which reflects banks' efforts to make liquidity more available to persons of modest means - will, if done imprudently, hurt the imprudent lenders. Witness New Century Financial's collapse. That's called market regulation; it's quite effective.
More fundamentally, there's an obvious answer to the question "Who's Watching Your Money?" You are - or you should be. Your financial affairs are not the business of Mr. Morgenthau or of any other arrogant busybody.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Editor, New York Times
Dear Editor:
In "Who's Watching Your Money?" Robert Morgenthau demands tighter government regulations on so-called "predatory mortgage lending" (April 30). Such lending - which reflects banks' efforts to make liquidity more available to persons of modest means - will, if done imprudently, hurt the imprudent lenders. Witness New Century Financial's collapse. That's called market regulation; it's quite effective.
More fundamentally, there's an obvious answer to the question "Who's Watching Your Money?" You are - or you should be. Your financial affairs are not the business of Mr. Morgenthau or of any other arrogant busybody.
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University