Such a strange combination of housing/economic/laissez faire is dead stories over the last few days.
Forbes.com – Laissez-Faire Capitalism Has Failed
I see, we need more intervention to make everything better. Please continue to force banks to give us more loans we cannot afford. What’s DiTech’s number again?
Everyday people without PhDs in economics get it. Michelle Malkin has great coverage on the Obama protests in Arizona.
Sowell’s latest column on the crisis is perfect:
Government regulators refused to approve such decisions when a lender was under investigation for not producing satisfactory statistics on loans to low-income people or minorities.
Under growing pressures from both the Clinton administration and later the George W. Bush administration, banks began to lower their lending standards.
Mortgage loans with no down payment, no income verification and other “creative” financial arrangements abounded. Although this was done under pressures begun in the name of the poor and minorities, people who were neither could also get these mortgage loans.
That’s the free market? Come on.
Strange indeed.
Perhaps Bill and Ted said it better:
Frustrated with Politics 