"free markets"? SHOW ME ONE. ANY ONE? EVER? LOL
MYTHS AND FAIRY TALES IS ALL!
Hm, so you're saying that the free market caused the 2008 financial collapse. And you're also saying that free market's don't exist.
I think you need to get your story straight.
I'm claiming Banksters drove the bubble, like they did with Ronnie's S&L crisis, AND the GOP great depression. What were the similarities with these 3 periods?
Hint the closest to laissez faire governance the US has had in 100+ years!
Okay, so thank you for conceding that these financial crises were *not* the result of a free market.
As we have observed, regulated financial markets result in financial collapse.
Well history says YOU are full of shit as the US was lightly regulated 1791-1913 and the US had a 2008 Bankster bubble every 5 years oin average somewhere in the US
Nope 2008 was a direct result of Banksters AND Dubya ignoring the bubble they created Bubba. Bad governance just like Ronnie AND Harding/Coolidge. Go figure!
Banks were regulated during this time period as well, which is what caused the bubbles to which you refer.
RIGHT WING NONSENSE
Fun With Predatory Lending
“There was always a big financial incentive to make a subprime loan wherever one could.”
-affadavit of Wells Fargo Loan officer
Fun With Predatory Lending The Big Picture
Scott Stern, CEO of Lenders One:
"The truth is that many of us in the industry were deeply distressed by the growing
practice of pushing high risk loans on borrowers who had no reasonable expectation of being able to repay the mortgage. Disclosures were often less than adequate, and faced with a bewildering array of loan terms, borrowers tended to trust their mortgage banker orbroker. The broken trust that resulted has damaged borrower confidence in the mortgage industry. I liken the situation to that of a doctor and patient dealing with a medical procedure. T
he patient bears some reasonable risk. But they don’t bear the risk of malpractice by the doctor. In our industry, we have frankly seen too much mortgage malpractice"
John Robbins, long-time industry executive and former chairman of
the Mortgage Bankers Association:
"During the lending boom, the industry developed products that were "extremely risky thatwere pushed by everybody up and down the food chain," Mr. Robbins said. "We forgot about our customers, and making money and our commission checks were more
important,"
"I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms," said Allan Greenspan.
NOW IF YOU MEAN NOT HAVING REGULATORS ON THE BEAT WHO THOUGHT IT WAS GOV'T JOB TO OVERSEE THE BANKSTERS, AND THAT THE INVINCIBLE HAND WOULD SELF REGULATE, YES!