Quote:
Originally Posted by checkthisout
All that is of interest to the general welfare of society shall be in it's proper order in submission to the people's government.
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That's quite a quote. Can you give a reference to any founding document that states that our interests should be placed under submission to the people's government?
Honestly, it sounds like something you would expect to find
The Redbook - Wikipedia, the free encyclopedia
Quote:
Originally Posted by checkthisout
The problem is that deregulation allowed these companies and people to operate outside the control of government and thus work for their own self-serving interests rather than in the interests of the majority of the people.
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One could easily make the claim that a good chunk of our current mess resulted from too much, rather than too little regulation. The government created a moral hazard by promising to back up questionable mortgages and flat out pressured lenders to lower their lending standards. This created a situation where there was no downside to the risky loans that went under but big gains to be earned for the risky loans that managed to make the payments (at higher rates than a preferred customer would pay). No wonder the lenders did things that in hindsight look risky and foolish. Now the taxpayer is going to have to clean up the mess.
