Will Hutton’s bad ideas come back like garlic burps

Doesn’t this just remind of previous sulphurous eructations?

From The Observer

As we’ve noted with a certain amount of glee a time or two. On June 22 2008 Hutton insisted that Gordon Mac must be created in order to provide that fiscal and financial safety of government backed long term fixed rate mortgages. Just like Freddie Mac and Fannie Mae. Sepetember 7 2008 Fannie Mae and Freddie Mac were taken into government conservatorship - effectively a bankruptcy, even if not legally - on the grounds that the model simply did not work. At a cost of some hundreds of billions if our memories are still accurate at this distance in time.

Oh well, bad ideas do keep coming back just like those garlic burps, eh?

Tim Worstall