On Jan 17, 2010, at 9:26 PM, William Robb wrote: > > ----- Original Message ----- From: "paul stenquist" > Subject: Re: Moved: denial vs doom (was urbanites vs squirrels) > > > >> Over-regulation has hurt more people and destroyed more economies than any >> natural phenomena. > > As we found out quite recently, under-regulation can do the same thing in a > fairly major way. > Those in favor of more government would have us believe that under-regulation caused the meltdown. But it was actually more a matter of government pressure to make bad loans. That mistake was the result of a well-intentioned effort to make sure that everyone had a home of their own. Mortgages for all. Credit ratings be damned. Yes, the banks went along with it, and compounded the error by packaging the loans and reselling them, but congressional pressure was the motivator. Paul
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