Keith Hennessey, chairman of the White House National Economic Council, said if the administration could do anything differently to have prevented today's housing crisis, it would have encouraged the Fed to crack down on lending abuses much earlier.
"If you had a magic wand, would you have liked to put those regulations in place a few years ago? Sure," he said. "But it's not the government's job to necessarily step in and interfere in private market actions. Our job is to see if the market is creating distortions"
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