Jeff Jacoby at Boston.com has figured out the subprime mortgage crisis: it's all Jimmy Carter's fault. Apparently Carter planted a little petard in the statute books back in 1977, which conveniently exploded just in time to embarrass the Bush II administration. How con-VEEN-ient. You can find details here.
His explanation of ethanol is a bit more plausible, but it's hardly a matter of (as Jacoby calls it) "unintended consequences." I think it has been pretty clear for quite a while that the dominant purpose of ethanol is to provide an occasion for farm-state Congressional looting.
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