A major part of the problem that we face in mortgage and credit markets today stems from Clinton-era changes in financial oversight that allowed the expansion of credit to individuals who otherwise would have been too much of a risk to qualify. Out of that springs the subprime crisis, Fannie and Freddie, and the major tightening of credit markets that we're seeing now. How does Joe Biden propose to solve the problem that he had a hand in creating?

For a crisis essentially created out of government interference, Biden offers nothing more than a “hair of the dog” solution. He wants bankruptcy laws changed to force lenders to offer lower terms to people with higher risk, which is exactly what created this crisis in the first place. He claims to side with the man in the street against the shareholders, but his solution would create more crises like we face now, not less.

Hope and change, indeed. Let's double down on that bad bet! That's the ticket. Pay no attention to the folks advising the campaign on economics. Nothing to see there...