The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Smiling Bob who wrote (137067)	7/28/2008 1:43:23 PM
From: Jim McMannis	Read Replies (1) of 306849

The Way We Live Now No Free Bubble The short take on the economic crisis of the 1970s was that regulation failed. Price controls failed; high taxes failed; regulation was outmoded. nytimes.com The mortgage and banking crisis of 2008 feels diametrically different. What failed this time were markets. The lenders who were supposed to regulate mortgage borrowing — and the credit-rating firms who monitored them — failed utterly. The investors whose job it was to monitor the capital of financial institutions were asleep at the switch. It is not really that simple, because investors were encouraged by the creeping government doctrine of “too big to fail.” But if, after the ’70s, the solutions in one way or another were about opening industry to the fresh breath of markets, today the remedies issue from Washington. It is quite possible that the great experiment in laissez-faire has, for this generation, run its course. The Federal Reserve and the U.S. Treasury have lately widened the federal safety net more quickly and more aggressively than at any time since the New Deal era.

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