As elected officials consider options for financial reform legislation, they should make sure they understand the difference between a banker making a bad loan and a banker making a loan that goes bad. The distinction is very important.
No one feels much concern for the lender who makes a bad loan. You tend to get what you deserve when you lend money to someone who clearly can’t afford to pay it back. But there is reason to be concerned about the lender who makes a loan . . .
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