Bogus arguments from Phil Gramm, Glenn Hubbard, and Peggy Noonan
by Ryan Chittum, Columbia Journalism Review
Phil Gramm and Columbia B-school Dean and Romney economic adviser Glenn Hubbard take to the op-ed pages of The Wall Street Journal to repeat just about every canard of the crisis.
Not many people have more responsibility for the crisis than Gramm, but guess who he and Hubbard, last seen under Inside Job’s klieg lights, blame:
The more recent recession resulted from excessive government intervention to increase homeownership by expanding subprime housing loans, on which substantial leverage was built.
That’s the zombie lie of the 21st century. It just won’t die no matter how many times it’s been debunked. [MORE]