Wednesday, January 09, 2008

In a footnoted aside, Megan comes up with a great anecdote showing how a successful Robin Hood

can kill a local economy:
... a giant problem in America, particularly during depressions, when neighbors often showed up at foreclosure auctions, intimidated outside buyers to prevent them from bidding, and then bid trivial sums on all the property in order to return it to its former owners. This seems cute and folksy and community-oriented until you realize that this generally made the bank go out of business, or at least stop lending to that community, whereupon everyone complained that they couldn't get credit.

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