If you’ve got bad credit, have been foreclosed or gone bankrupt, Uncle Sam has a loan for you. Just go to college and Uncle Sam will loan you hundreds of thousands towards a potentially useless degree. Or if your foreclosure took place three years there’s a house and a mortgage just waiting for you to apply. Credit is no longer given to clean borrowers with good collateral. The incentives favor reckless lending and borrowing and mal-investment and mis-allocation of investment.
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