Last week, we saw on either side of the Atlantic two starkly contrasting responses to post-credit crunch financial policy. In the US, President Obama firmly rejected the politics of old. Never again would the US taxpayer be first be in line to cover the cost of failing mortgages or underwrite loans the market considers too risky. Instead, he wants to see the private sector take on more of the risk as he winds down the two mortgage giants, Fannie … Read more
