NYU professor "explains" why foreclosure prevention efforts are failing

NYU-Stern School of Business professor Thomas F. Cooley has an article on Forbes.com "explaining" why foreclosure prevention efforts are failing. It all seems kosher until the second to last paragraph where he completely fabricates a sentence in the U.S. Constitution. He writes:

...the constitution provides that "Congress shall make no law impairing the obligations of contract."

In fact, the Constitution says no such thing. He has thrown together the first five words of the First Amendment and then appended a very loose paraphrasing of Article I, Section 10, which applies only to the states. To make matters worse, apparently nobody at Forbes noticed the error before publishing it. After reading that whopper, I decided I couldn't trust any of the other claims he was making in the article.

With business school professors like this, no wonder Wall Street is in trouble. —And still, business school professors get respect and housing bubble bloggers do not.

Thanks but no thanks to Greg Mankiw for linking to that article.