UPSIDE down ECONOMICS *Mortgage Lending*

peaceandlove · 03-05-2009, 10:39 AM

UPSIDE down ECONOMICS

by Thomas Sowell (February 17, 2009)
Capitalism Magazine

Those who warned of the dangers had their warnings dismissed. Now, apparently, we need more politicians intervening in more industries, if you believe the politicians and the media.

From television specials to newspaper editorials, the media are pushing the idea that current economic problems were caused by the market and that only the government can rescue us.

What was lacking in the housing market, they say, was government regulation of the market's "greed." That makes great moral melodrama, but it turns the facts upside down.

It was precisely government intervention which turned a thriving industry into a basket case.

Article continues: http://www.capmag.com/article.asp?ID=5429

03-05-2009, 10:39 AM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	UPSIDE down ECONOMICS Mortgage Lending UPSIDE down ECONOMICS by Thomas Sowell (February 17, 2009) Capitalism Magazine *Those who warned of the dangers had their warnings dismissed. Now, apparently, we need more politicians intervening in more industries, if you believe the politicians and the media.* From television specials to newspaper editorials, the media are pushing the idea that current economic problems were caused by the market and that only the government can rescue us. What was lacking in the housing market, they say, was government regulation of the market's "greed." That makes great moral melodrama, but it turns the facts upside down. It was precisely government intervention which turned a thriving industry into a basket case. Article continues: http://www.capmag.com/article.asp?ID=5429 Last edited by peaceandlove; 03-05-2009 at 11:31 AM.