Over at MB today we have the usual – Leitho finding himself naively confused about simple things again:
What’s the point of conducting RCs if the government that ordered the inquiry acts directly against its recommendations?https://www.macrobusiness.com.au/2021/03/the-responsible-mortgage-lending-fix-is-in/
This clearly displays a lack of understanding of what the EZFKA is or how the EZFKA works. In the same vein, Leitho goes on to write stuff about his much desired macroprudential:
So, if responsible lending is scrapped then it will immediately hasten macroprudential tightening with the two hands of government working at complete cross-purposes.https://www.macrobusiness.com.au/2021/03/the-responsible-mortgage-lending-fix-is-in/
That misunderstanding of EZFKA is really quite unfortunate, but today I don’t feel like penning a detailed explanation. It seems that any rationally based approach is likely to fail, anyhow.
There might be another way however. Perhaps where reason fails, faith might triumph? So here’s a prayer: