Yes, and thank you very much!!!! It is something that every member of Congress should be forced to listen to at least a dozen times. The pressure of the LEFT on Fannie and Freddie to grant loans to help the less fortunate was foolish but, as demonstrated in the video, it was the greed Wall Street that created the mess. And, in my view, they were doing what good capitalist do but they were not regulated, as they should be, by Gov.
In the world discussed by Adam Smith, companies failed and others were formed regularly and the free markets worked. There were no multi-national or multi-product companies. There was real competition. In today's world, our capitalist system requires effective regulation. something that isn't likely to come out of WDC there days. I get a little angry every time I see my Grandchildren, when I think of what is bing done to the world they will live in.
I don't think the models projected continued increases in house prices but the managements of most financial institution knew that, if they pulled in their horns, their bonuses would be cut. They were not stupid but, rather, overcome by greed.
Larry |
