Steven Pearlstein Hates Doing Post Chats

An example:

Bethesda, Md.: As a libertarian, I would generally favor allowing the market to find mechanisms to address the moral hazard problem you identify in your article. Traditionally, those who purchased mortgages to service them long term, or securitized mortgages, insisted on rigid certifications and standards being met, validating the creditworthiness of the borrower and the soundness of the collateral.

So the development of a new, higher risk set of products would appear to be just another innovative expansion of diversity in the marketplace.