Hacker News new | ask | show | jobs
by reedjosh 1550 days ago
> Because open banking is regulated, consumers now have a layer of protection

I'm sick of regulated solutions and generally moving toward more governmental reliance.

I wouldn't need a student loan or a mortgage if the government wouldn't cause inflation and back loans for every milestone of adulthood.

College and homes used to just be affordable. Everytime we bring in governmental assistance and regulation, we all just lose--well, not the players in the regulated and Frankensteined market, but normal people all just lose.
2 comments
mattmanser 1550 days ago
There's a certain irony (and ignorance) to this comment when you consider that house prices in the UK only started spiralling when councils were forbidden from building new social housing by Thatcher.

Previously 'governmental assistance' of council house building was the major house builder in the UK.

link
reedjosh 1550 days ago
I won't deny my ignorance regarding the UK housing market. Here in the US, housing prices are clearly inflated by Fanny/Freddy and artificially low mortgage interest rates.

https://www.fhfa.gov/about-fannie-mae-freddie-mac

> Fannie Mae and Freddie Mac were created by Congress. They perform an important role in the nation’s housing finance system – to provide liquidity, stability and affordability to the mortgage market. They provide liquidity (ready access to funds on reasonable terms) to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing.

link
edgyquant 1550 days ago
According to an economist piece from last year, both the US and UK have made it a policy of only allowing housing prices to drop when it’s essential and then only temporarily. This isn’t a sustainable method but unlike on the continent (Europe) having a house is an important cultural symbol (to Americans at least) and voters have come to see any decline as proof of poor leadership and it tends to result in bringing the opposition to power.

At some point we will have to allow housing to correct. It’s up there with social security running at a loss as problems we leaving for the next generation.

link
edgyquant 1550 days ago
It is the responsibility of government to set the environment in which businesses can operate (since businesses are meant to operate towards maximum profitability.) I don’t understand people who don’t see a healthy role for regulations in a market economy.
link