Long-Term Debt
Letter to the Editor
Alex J. Pollock | Barron's
November 03, 2008

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David Hume correctly predicted 250 years ago that the government would infallibly abuse the privilege of incurring debt.

Resident Fellow
Alex J. Pollock
To the Editor:

The depressing summation of the government's vast future obligations ("Chump Change," Editorial Commentary, October 20) confirms a prediction made by David Hume about 250 years ago:

"The practice of contracting debt will almost infallibly be abused in every government. It would scarcely be more imprudent to give a prodigal son a credit in every banker's shop in London, than to empower a statesman to draw bills upon posterity."

Alex J. Pollock is a resident fellow at AEI.

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About the Author

 

Alex J.
Pollock
  • Alex Pollock joined AEI in 2004 after thirty-five years in banking. He was president and chief executive officer of the Federal Home Loan Bank of Chicago from 1991 to 2004. He is the author of numerous articles on financial systems and the organizer of the “Deflating Bubble” series of AEI conferences. In 2007, he developed a one-page mortgage form to help borrowers understand their mortgage obligations. At AEI, he focuses on financial policy issues, including housing finance, government-sponsored enterprises, retirement finance, corporate governance, accounting standards, and the banking system. He is the lead director of CME Group, a director of Great Lakes Higher Education Corporation and the International Union for Housing Finance, and chairman of the board of the Great Books Foundation.

    CLICK HERE TO DOWNLOAD ALEX POLLOCK'S ONE-PAGE MORTGAGE FORM
  • Phone: 2028627190
    Email: apollock@aei.org

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