Fool me twice?

Would you by a used Presidential candidate from the central banker who was pushing adjustable-rate mortgages in 2004?

Two pieces of advice from Alan Greenspan:

1. Take out an adjustable rate mortgage to buy an overpriced house &#8212 one you couldn’t afford on a fixed-rate mortgage &#8212 so that you’ll be comfortably moved by the time prices tank, your payment “adjusts,” and the default notices start coming in the mail.

2. Vote for John McCain.

What was that the Beloved Leader said?

“Fool me once, shame on you. Fool me twice … you can’t let yourself get fooled again.”


Author: Mark Kleiman

Professor of Public Policy at the NYU Marron Institute for Urban Management and editor of the Journal of Drug Policy Analysis. Teaches about the methods of policy analysis about drug abuse control and crime control policy, working out the implications of two principles: that swift and certain sanctions don't have to be severe to be effective, and that well-designed threats usually don't have to be carried out. Books: Drugs and Drug Policy: What Everyone Needs to Know (with Jonathan Caulkins and Angela Hawken) When Brute Force Fails: How to Have Less Crime and Less Punishment (Princeton, 2009; named one of the "books of the year" by The Economist Against Excess: Drug Policy for Results (Basic, 1993) Marijuana: Costs of Abuse, Costs of Control (Greenwood, 1989) UCLA Homepage Curriculum Vitae Contact: