Yeah right! Which is why whenever they do rankings of the countries with the highest standards of living, the Scandinavian countries come first. Countries which are socialist. IIMPORTANT don't confust socialist with communist, which is what I think you're doing. I'm sure your comeback will be that these rankings are made by left wing crazies. Typical.......
Originally Posted by
milky
Incorrect. The regulators were the ones telling the companies that they had to give out those loans. With the weight of the government pushing the risky loans and the cheap lending rate that came along with it, the companies jumped in to make the big bucks. The fear of the risky loans not being paid back was of little concern since the main upstream leaders were government backed (Fannie and Freddie were basically partially gov't agencies). "The gov't will never let these big institutions fail." So, the market forces that should have kept those loans from being made were not in place.
Funny how the pro-regulation group can convince you guys that the exact intervention that has cause the market to fail is the reason we need more regulation. I wish I could convince you to pay me money for something that hurts you as easily as you let politicians convince you to give them more money for "much needed regulation."
Sad how the country that has succeeded by being one of the free-est markets in the world keeps clamoring for more regulation. Spend a little time in Europe and see what a semi-socialized economy does to your country.