If You Don't Know It, Don't Try and Run It

If You Don't Know It, Don't Try and Run It

Now that we have seen "amateur night at the Bijou,” starring the President and the Congress, maybe we can realize that knowledge of a subject should be somewhat of a prerequisite to running anything: ice cream truck, bagel company, an army or the health care system of a very large country. Why do I feel that way? I have seen what the "knowledgeable" congressmen and senators have done to our mortgage industry. It isn't pretty. They missed a golden opportunity to fix an industry that emphasizes the wrong criteria when underwriting a loan. The horrors that we have seen can...