BS..
The Subprime meltdown, in spite of all the talk radio talking spin, is a result of pure unadulterated greed, PERIOD. Loans were being made to anyone who could fog a mirror because everyone making them knew they could bundle them into CDO’s and sell them to the neverending demand for them on walls street.
GREED folks, greed. Trying to spin this into purely a partisan issue is stupid and will lose you votes.
The failure in all this was the LACK OF REGULATORY OVERSIGHT! Not too much!
The fundamental truth that Teddy Roosevelent pointed out long ago.. “Unfettered capitalism breeds corruption.”
Concur.
“Unfettered capitalism breeds corruption”
Individual criminality is not capitalism. Think Enron. Criminals breed/practice/flaunt corruption. Capitalism has nothing to do with it. Identify the criminal. Identify the individual.
Greed had nothing to do with it. What is driving American politics and government at all levels is covetous. Throw in envy and jealousy. The credit debacle is sheer covetousness. People wanting what they don’t have the money for. House, bigger house, better car. Another pair of cute shoes, dinner out every Saturday, vacations and travel. On and on. It’s all covetousness. Government and banks don’t force people to go into debt.
Until the issue of covetousness is dealt with we are headed for disaster. Scream “greed” all you want and it will just give potent ammo to Obama, Pelosi and their gang.
A lot of folks act like we never had financial panics in the 1800s when there was little or no regulation of financial markets. We are re-learning the hard way now that there were reasons for basic regulations to be imposed in the first place. The tricky part, like all things related to government, is finding the right balance, a task made much more difficult when people look at the issue ideologically instead of pragmatically, and when just about every politician approaching the issue has his or her own large set of hidden agendas...
I'm not surprised that someone who takes the name Hamilton/Jay absolves the politicians, the federal government, and the inflationist federal reserve of all blame.