I agree that government meddling in the markets is a root cause of the current mess, but is it only the fault of the freako left?
I live in California, one of the epicenters of the meltdown, and I can tell you nobody was holding a gun on the developers and brokers.
And right up until the kaboom, they were all singing: “Get it built and get it sold, close the deal and get the gold!”
The brokers knew perfectly well how many of the “buyers” were bad risks-so did the buyers. So did the guys who bundled these time bombs and turned them into “derivatives” that nobody understood.
Ah, but THEY did! They understood that they would be in court for prejudice if they didn’t sell, and in court for fraud if they did. The only safe path was a product that nobody really understood — that is, being able to prove they didn’t know what they were doing in the first place.
The CFO version of the Nuremberg defense — shades of Ayn Rand!p>Nobel laureate Sir V.S. Naipaul once described the welfare state as a country drawn into a conspiracy against itself. Too bad we can’t get him to run the Treasury Department. br> — Martin Owens
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?