19 Sep
Market Failure? I think NOT!
The current economic problems can be traced back to one source - Government!
Idiots in both the Evil party and the Stupid party are to blame.
http://townhall
Idiots in both the Evil party and the Stupid party are to blame.
The end of fiscal conservatism is here, read them and weep, and don’t say you weren’t warned.
Walter E. Williams :: Townhall.com :: Stubborn Ignorancehttp://townhall
“These financial problems are not market failures but government
failure. The Community Reinvestment Act of 1977 is a federal law that
intimidated lenders into offering credit throughout their entire market
and discouraged them from restricting their credit services to low-risk
markets, a practice sometimes called redlining. The Federal Reserve
Bank, keeping interest rates artificially low, gave buyers and builders
incentive to buy and build, thereby producing the housing bubble.
Lenders were willing to make creative interest-only loans, often
high-risk “no doc” and “liar loans,” in order to allow people to buy
more housing than they could afford. Of course, with the expectation
that housing prices will continue to rise, it was no problem for
lenders and borrowers but housing prices began to fall, leaving some
people with negative home equity and banks in trouble.”
failure. The Community Reinvestment Act of 1977 is a federal law that
intimidated lenders into offering credit throughout their entire market
and discouraged them from restricting their credit services to low-risk
markets, a practice sometimes called redlining. The Federal Reserve
Bank, keeping interest rates artificially low, gave buyers and builders
incentive to buy and build, thereby producing the housing bubble.
Lenders were willing to make creative interest-only loans, often
high-risk “no doc” and “liar loans,” in order to allow people to buy
more housing than they could afford. Of course, with the expectation
that housing prices will continue to rise, it was no problem for
lenders and borrowers but housing prices began to fall, leaving some
people with negative home equity and banks in trouble.”
Lehman Brothers, Flood Insurance and Energy Independence | CEI
http://cei.org/
http://cei.org/
“Business
failure is not only a permissible outcome of capitalism, it’s a necessary one.
As the great economist Joseph Schumpeter has written, the process of “creative
destruction” is essential for the market to function. For innovation to
flourish and the standard of living of the populace to improve, the market must
be free to reward success and punish failure.”
failure is not only a permissible outcome of capitalism, it’s a necessary one.
As the great economist Joseph Schumpeter has written, the process of “creative
destruction” is essential for the market to function. For innovation to
flourish and the standard of living of the populace to improve, the market must
be free to reward success and punish failure.”
Organic Market - Forbes.com
http://www.forb
http://www.forb
“Yet much of the current
chaos is the result of attempts to steer or control markets rather than
let them be. Much of the chaos is the result of political failure.”
chaos is the result of attempts to steer or control markets rather than
let them be. Much of the chaos is the result of political failure.”
Who will stand up? Who will stop this outrage from going through?
September 20th, 2008 at 5:39 pm