We are rapidly approaching the point where everything that glibertarian darling Megan McArdle writes will be promptly torn to shreds on the intertubes by people who actually know what they’re talking about, and who have the smarts and skill to actually make a coherent argument, rather than a mean-spirited, badly-constructed rant full of fallacious assumptions and sloppy calculations.
We have already seen that Megan lacks the ability to perform basic math functions, and bases her slanderous attacks on people she despises, like Elizabeth Warren, on her misreadings of academic studies and deliberate falsifications and omissions.
Now, for some reason, Megan has decided to display her lack of knowledge and insight about…
…wait for it…
The 30-year fixed-rate mortgage has been popular among progressives and conservatives alike because it is a good loan product…She makes a ridiculous straw-man argument that the Left is out to screw the banks. Perhaps some die-hard conservatives who are willing to believe anything bad about progressives will believe that, but the reason the Left likes the 30-year loan is because it provides a means for average wage earners to acquire wealth. Paying down a mortgage through the forced savings of an amortizing mortgage used to be the primary wealth generating mechanism of the middle class — that is until we allowed everyone to rob the piggy bank with HELOCs.
It’s a long post, but really worth reading the whole thing, as they say. IrvineRenter sums up beautifully:
It is rare that I find an article that annoys me as much as that one. I don’t mind that people promote their agendas. I do it. I just prefer it when people do so with rational arguments based on facts and data. The piece of crap this woman wrote reads like something from a tawdry political blog. Many of the best articles I have read on the web have come from the Atlantic. This isn’t one of them.
To McMegan’s credit, she does come up with one moment of rare clarity, when she talks about the changes she’d like to see to the mortgage industry:
There is no constituency for such a thing except for a few crazy libertarians.
Thank the sweet baby Jesus for that.
(h/t to commenter TheDarkAvenger at TBogg’s place.)
Also too: Tom Levenson at The Inverse Square Blog continues his outstanding though daunting work of reading McArdle so we don’t have to, as he explores the latest installment of McMegan’s campaign against Elizabeth Warren and the restoration of sanity to the world of finance.
UPDATED: Apparently John Thune has outsourced his math skills to McMegan.