Comments | cerebus805: But How Do I _Really

cerebus805

But How Do I _Really_ Feal?

Oct 03, 2008 08:50

You are KNOWINGLY buying into the conservative/libertarian fuck the common man talking points. I hate people as much or more then the average American, but the fault for this situation lies squarely at the top of the food chain ( Read more... )

Comments 1

qvtqht October 3 2008, 17:12:40 UTC

I think that it wasn't deregulation that was to blame, but the implicit government backing of Freddie and Fannie. Anytime the government creates free or overly cheap insurance, someone is going to take advantage of it and take excessive risk that they don't have to pay for. Example: Flood insurance.

A supporting opinion:

There has been a great deal of deregulation in our economy over the last 30 years, but none of it has been in the financial sector or has had anything to do with the current crisis. Almost all financial legislation, such as the Federal Deposit Insurance Corp. Improvement Act of 1991, adopted after the savings and loan collapse in the late 1980s, significantly tightened the regulation of banks.

More here: http://www.aei.org/publications/filter.all,pubID.28701/pub_detail.asp