Free Market Not to Blame

[Kevin_Kennedy]

In March 2007 then-Treasury secretary Henry Paulson told Americans that the global economy was “as strong as I’ve seen it in my business career.” “Our financial institutions are strong,” he added in March 2008. “Our investment banks are strong. Our banks are strong. They’re going to be strong for many, many years.” Federal Reserve chairman Ben Bernanke said in May 2007, “We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.” In August 2008, Paulson and Bernanke assured the country that other than perhaps $25 billion in bailout money for Fannie and Freddie, the fundamentals of the economy were sound.

Then, all of a sudden, things were so bad that without a $700 billion congressional appropriation, the whole thing would collapse.

No, the Free Market Did Not Cause the Financial Crisis by Thomas E. Woods, Jr.

 

[Zoomie1980]

In March 2007 then-Treasury secretary Henry Paulson told Americans that the global economy was “as strong as I’ve seen it in my business career.” “Our financial institutions are strong,” he added in March 2008. “Our investment banks are strong. Our banks are strong. They’re going to be strong for many, many years.” Federal Reserve chairman Ben Bernanke said in May 2007, “We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.” In August 2008, Paulson and Bernanke assured the country that other than perhaps $25 billion in bailout money for Fannie and Freddie, the fundamentals of the economy were sound.

Then, all of a sudden, things were so bad that without a $700 billion congressional appropriation, the whole thing would collapse.

No, the Free Market Did Not Cause the Financial Crisis by Thomas E. Woods, Jr.

The market did exactly what it was supposed to do. If left alone it would have worked magnificently. It did, or attempt to do before gov't intervention, what it should have, which is to counter a set of extremely excesses in one direction with an appropriate extreme reaction.

 

[dilloduck]

In March 2007 then-Treasury secretary Henry Paulson told Americans that the global economy was “as strong as I’ve seen it in my business career.” “Our financial institutions are strong,” he added in March 2008. “Our investment banks are strong. Our banks are strong. They’re going to be strong for many, many years.” Federal Reserve chairman Ben Bernanke said in May 2007, “We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.” In August 2008, Paulson and Bernanke assured the country that other than perhaps $25 billion in bailout money for Fannie and Freddie, the fundamentals of the economy were sound.

Then, all of a sudden, things were so bad that without a $700 billion congressional appropriation, the whole thing would collapse.

No, the Free Market Did Not Cause the Financial Crisis by Thomas E. Woods, Jr.

The market did exactly what it was supposed to do. If left alone it would have worked magnificently. It did, or attempt to do before gov't intervention, what it should have, which is to counter a set of extremely excesses in one direction with an appropriate extreme reaction.

We bailed out cheaters----pure and simple.