Since the free market is self-correcting it is 100% impossible for it to have.....

[EdwardBaiamonte]

deregulation caused this mess

how perfectly stupid can you get?????Here's what John Allison( bank president) said,

"In fact regulatory cost was at an all time cost during the peak of the bubble. Banks' operating statements reflect this cost increase, as does the multi thousand page increase in various government regulatory documents. Government spending alone (excluding costs that the industry incurred and that must be paid by the companies being regulated) in financial regulations (not company bailouts) in adjusted dollars, increased from $725 million in 1980 to $2.07 billion in 2007.
The financial industry was not deregulated, it was massively misregulated"

 

[Ernie S.]

deregulation caused this mess

Most of it could have been avoided if Maxine Waters and Barney Frank allowed regulations for Fannie Mae and Freddie Mac.

 

[EdwardBaiamonte]

deregulation caused this mess

Most of it could have been avoided if Maxine Waters and Barney Frank allowed regulations for Fannie Mae and Freddie Mac.

So true!! But to them the more Fanny and Freddie interfered with the free market the more they liked it!! The more they got people into homes the Republican free market said they could not afford the more they liked it!! Its 100% perverse but its 100% liberal.

 

[Procrustes Stretched]

caused this great recession which has left 22 million unemployed. Yet liberals persist in blaming the free market. How can this be??

Referring to his free-market ideology, Mr. Greenspan added: “I have found a flaw. I don’t know how significant or permanent it is. But I have been very distressed by that fact.”

Mr. Waxman pressed the former Fed chair to clarify his words. “In other words, you found that your view of the world, your ideology, was not right, it was not working,” Mr. Waxman said.

“Absolutely, precisely,” Mr. Greenspan replied. “You know, that’s precisely the reason I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well.”

and

[youtube]bAH-o7oEiyY[/youtube]

In 1999, Bill Clinton signed the Gramm-Leach-Bliley Act.

which is usually seen as deregulation, but in any case is irrelevent since it had nothing to do with the current housing recession that was caused mostly by regulation from Fed Fanny Freddy CRA FDIC FHA.

only one of the top 25 subprime lenders in 2006 was subject to affordable-housing laws

Barney Frank didn?t cause the housing crisis - The Washington Post

In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.

He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.

The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House.

But the Senate never voted on the measure, in part because President Bush was likely to veto it. "If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank.

In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."

Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[53] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[53] Frank stated further that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated."

The Free Market is Anything but Free

 

[JakeStarkey]

caused this great recession which has left 22 million unemployed. Yet liberals persist in blaming the free market. How can this be??

and

[youtube]bAH-o7oEiyY[/youtube]

only one of the top 25 subprime lenders in 2006 was subject to affordable-housing laws

Barney Frank didn?t cause the housing crisis - The Washington Post

In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.

He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.

The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House.

But the Senate never voted on the measure, in part because President Bush was likely to veto it. "If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank.

In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."

Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[53] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[53] Frank stated further that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated."

The Free Market is Anything but Free

Get Spec Eddy to make you one of his $10K bets about Jefferson the original Republican, only 62 years early.

 

[EdwardBaiamonte]

Greenspan: I was shocked, because I have been going for 40 years or more with very considerable evidence that it(free market) was working exceptionally well.”

Greenspan of course is still very very much a free market guy. What he meant above, obviously, is that he was shocked that the free market didn't work well when there was massive or liberal government interference.