No, the problem is not the free market. The problem is government.
Last week, it was Fannie Mae / Freddie Mac. Now, the latest victim of government interference in the free market is Lehman Brothers.
Wall Street Journal: Crisis on Wall Street as Lehman Totters, Merrill Is Sold, AIG Seeks to Raise Cash — Fed Will Expand Its Lending Arsenal in a Bid to Calm Markets;Moves Cap a Momentous Weekend for American Finance By CARRICK MOLLENKAMP, SUSANNE CRAIG, SERENA NG and AARON LUCCHETTI
Meanwhile, the economic illiterate and opportunist Obama “blames Wall St. crisis on Republican policy”. (Obama was not objecting much when he was getting a nice deal on HIS mortgage.)
No, “Republican policy” is not to blame. Nor is it Bush’s fault. The problem is government sticking its pandering nose in the free market forcing banks to give mortgages to people WHO AREN’T ABLE TO PAY THEM. Want a solution? Less government is the solution. Fortunately, Treasury Secretary Henry Paulson is saying “enough!” to government bailouts.
Filed under: Barack Obama / The Messiah, The Government Engineered Mortgage Crisis , Barack Obama / The Messiah, Community Reinvestment Act of 1977, economy, Fannie Mae, Freddie Mac, free market, government interference, Jimmy Carter, Lehman Brothers, regulation, Wall Street
