Has Capitalism Failed, or Has Government Failed?

Thursday 25 September 2008

Larry Elder makes an excellent case that it is government that has failed. Read Larry Elder's article here!

We have not had more than normal bank failures. Government has not done its job to enforce the current regulations. The promotion by Congress, going back to 1977, to force unsecured issuance of mortgages, just so the "poor" can have a home.

Then you have the massive fraud by Fannie Mae and Freddie Mac under the leadership of people now advising Obama. Many cities and States passed laws mandating a certain number of low interest "affordable" housing units. These added cost to those who bought at market price.

No, the current crisis is clearly caused by government intervention and lack of enforcement of laws.

Capitalism works, if you let it. The State will fail, always.

Read Larry Elder's article here!