repbradmiller's blog

Serious economists are now arguing that we should not reflexively celebrate “innovation” in the financial sector as we do innovation in the real economy. I was ahead of my time. I said the same thing almost two years ago, and people laughed at me.

Okay, that may have had something to do with how I said it.

When the House debated predatory mortgage lending legislation on November 15, 2007, I responded in an extemporaneous floor speech to Republican arguments that the legislation would throttle innovation in the financial sector, using an example of innovation in the real economy that was within my reach:

The Sunlight Foundation and Matt Stoller, who blogs at Open Left, have organized a live blog tomorrow at TPMCafe about the foreclosure epidemic. We’ll talk about the legislation that Linda Sanchez (D-California) and I introduced to allow bankruptcy courts to modify predatory mortgages.