Quote:
Originally Posted by aceventura3
I recall discussions on FDR, the New Deal and its impact on the Depression. As usual ther was disagreement. I do not believe New Deal policies lead to the end of the Depression. FDR's New Deal would fall under my general view that our economy can not be micro-managed and that government often does more harm than good due to the unintended consequences and the fact that government is less efficient at allocating capital and resources than the "free market."
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Really, and who did the "Free Market" coming running to 2 years ago for a trillion dollars?
You had assholes making 100 million dollars a year on their knees begging to guys making 100 grand a year.
I don't think you realize just how close we came to a complete economic melt down with AIG. If the gov't had not stepped in to save their asses, it quite literally would have been - put your money in the ATM and nothing comes out because there is no money.
Just as the stock market crash of 29 proved that there needed to be regulations put in palce governing the speculating on equities and buying equities on credit in order to prevent a future crash, the recent melt down proved that there needs to be regulations as to just how stupid of a risk banks can take on real estate speculation and buying real estate without actual cash.
It is my humble opininion that NO-ONE should be given a mortgage without at least 10% down. There has to be some risk to the buyer.