Monday, February 18, 2008
Laissez-faire. Let the market decide.
"We formed this coalition because we don't want the fallout from the sub-prime housing crisis to be used as a pretext for a larger more intrusive federal government," said Phil Kerpen, director of policy, Americans for Prosperity.
Hold the banks and borrowers responsible. Don't punish those who pay income taxes and managed to show financial restraint over the last 10 years in the face of irrational exhuberance over housing.
Let the market decide. Yes, that means making them pay for their lack of vision, insatiable greed and, in many cases, out and out fraud. For Christ's sake, we've all watched Mutual of Omaha's "Wild Kingdom". Nature is brutal. For those who are reckless, inept and weak, capitalism can be a real bitch. Step in and interfere with nature (and the markets) at your peril.
If banks and other financial institutions are bailed out for reckless behavior, then when will their flamboyant, non-risk-averse mortgage carousels ever stop? That's just it. They would never stop. And come check out time, American taxpayers will end up facing a billion dollar price tag.
A little bit more information about Americans for Prosperity from their website:
"AFP is an organization of grassroots leaders who engage citizens in the name of limited government and free markets on the local, state and federal levels. The grassroots members of AFP advocate for public policies that champion the principles of entrepreneurship and fiscal and regulatory restraint."
Posted by Markus Arelius at 2/18/2008 09:33:00 PM