Austan Goolsbee, Comedian

The Onion News Network actually has a clip of Austan Goolsbee doing a comic routine.

He also put his comedy into print, which was re-posted by the inestimable "Tanta" (RIP). Unfortunately, the print item was not intended to be a comic offering.

Remember: this guy will be the Chairman of the Council of Economic Advisers. Granted, it's the Obama Regime we're talking about, which isn't exactly a high-standards bunch--but this guy also worked for the Clinton gang.

A study conducted by Kristopher Gerardi and Paul S. Willen ...shows that the three decades from 1970 to 2000 witnessed an incredible flowering of new types of home loans. These innovations mainly served to give people power to make their own decisions about housing,

...Lost in the current discussion about borrowers’ income levels in the subprime market is the fact that someone with a low income now but who stands to earn much more in the future would, in a perfect market, be able to borrow from a bank to buy a house.

...And this study shows that measured this way, the mortgage market has become more perfect, not more irresponsible. People tend to make good decisions about their own economic prospects. As Professor Rosen said in an interview, “Our findings suggest that people make sensible housing decisions in that the size of house they buy today relates to their future income, not just their current income and that the innovations in mortgages over 30 years gave many people the opportunity to own a home that they would not have otherwise had, just because they didn’t have enough assets in the bank at the moment they needed the house.”

Goolsbee's article was written in 2007, when Lehman Bros. and Bear, Stearns still existed.

HT: CalcRisk