tag:blogger.com,1999:blog-7749151598437052403.post7277212472151925236..comments2023-05-14T02:36:51.301-07:00Comments on I Am Classicaliberal And You Should, Too!: -UPDATED- How Did The Foreclosure Crisis Start?classicaliberalhttp://www.blogger.com/profile/08326708640915121177noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-7749151598437052403.post-3178622814502759132009-12-31T13:13:25.066-08:002009-12-31T13:13:25.066-08:00It's unconscionable and ignorant that people b...It's unconscionable and ignorant that people blame the free market for this disaster. It's even more unconscionable and ignorant that people vote for politicians who blame the free market then take steps to regulate that market further. I guess the ultimate lesson is that as long as there are greedy power hungry people, a Democratic Republic with free markets is doomed to failure. Damn, and I was really looking forward to getting the new Aston Martin, too...classicaliberalhttps://www.blogger.com/profile/08326708640915121177noreply@blogger.comtag:blogger.com,1999:blog-7749151598437052403.post-65039007627904516512009-12-31T12:46:21.775-08:002009-12-31T12:46:21.775-08:00If we do not keep beating back these idiots at eve...If we do not keep beating back these idiots at every turn, this country is going to transform into Somalia, just like Detroit has. It is scary to me that we have elected a president and a Congress that hates the very principles of our Constitution.Paul Mitchellhttps://www.blogger.com/profile/07825674914008378242noreply@blogger.comtag:blogger.com,1999:blog-7749151598437052403.post-76152845525641036282009-12-31T12:33:29.584-08:002009-12-31T12:33:29.584-08:00Thanks for the help. I amended the post to includ...Thanks for the help. I amended the post to include the WSJ article and your comments on predatory lending. I also added a section about the insane Fed policy early in the 2000's which lead to cheap money being readily available.classicaliberalhttps://www.blogger.com/profile/08326708640915121177noreply@blogger.comtag:blogger.com,1999:blog-7749151598437052403.post-80532001130361210552009-12-31T10:08:36.146-08:002009-12-31T10:08:36.146-08:00One thing that you missed as far as "predator...One thing that you missed as far as "predatory lenders." The idea that someone could approve the loan of and move someone into a house without the borrower so much as having a job was also begun during the Clinton Administration's Gestapo forced lending tactics. A whole new cottage industry called "Mortgage Origination Offices" cropped up in all the neighborhoods where payday loan places do good business.<br /><br />If you check that interactive map at the WSJ, you shall see that the HUGE majority of these loans that almost immediately plunged underwater were in areas designated as "Urban Enterprise Zones." Ignore the fact that there are literally zero jobs to be found in these areas, people wanted to live there and they were MINORITIES!!! We want to live here, even though we cannot find work! It's our RIGHT even if we cannot afford a home! You must give it to us or you are RAAAAACIST!<br /><br />Another shining example of why there is no such thing as a "consumer driven economy."<br /><br />The short answer is that when you try to use bureaucracy to influence social and economic norms, you always fail. Therefore, the Democrat Party is stupid, evil, and proponents of returning to the slavery era. And there are plenty of people that choose slavery over freedom.Paul Mitchellhttps://www.blogger.com/profile/07825674914008378242noreply@blogger.com