Quote:
Originally Posted by loepke72
No, what I said was government abdicated their legitimate responsibility, namely eliminating outright fraud. They should be doing that, not social engineering nonsense like encouraging banks to lend money for mortgages that any sane banker would never do. I know the regulations were relaxed under the guise of free market ideals, but it was really a group of people that wanted a different kind of unfree market, one in which they could make lots of money in a shady way. Protecting citizens from fraud is a legitimate government function; social engineering is not. Government's proper role is to insure its citizens have the maximum freedom; what exactly that is is open for debate case-by-case.
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OK, that makes more sense. However this social engineering that you speak of, are you sure it's as real as you think? I remember having an intense discussion about this here about a year ago and through my brief research I found out that it was the non-CRA-affiliated lenders who engaged in the most predatory lending. The govt didn't force any lender to make loans to unqualified people. Certainly the govt did a poor job of regulating and overseeing the market, but the prevailing wisdom at the time was that the market itself knows best and govt better not interfere.
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