Quote:
Originally Posted by Paul Markham
The financial crisis today is because Government allowed the markets do too much of they wanted to do. Take away the controls and you let in the scoundrels. Yes the idiots in Government who thought it was fine to allow a person to borrow 125% of a houses value were also to blame. That's about the quality of people running the system, and honesty.
|
Thats where people get it wrong, its the GOVT regulations that forced these banks and financial institutions to lend to people who shouldn't have got any loans. Its not that they wanted too, anything but.
Community Re-Investment Act
Oversight is whats needed, not regualtions