Quote:
Originally Posted by loepke72
Wrong.
Capitalism and deregulation did NOT get us into this mess; rather it was failure of our government to do its proper job and deal with the fraud perpetrated by certain members of Wall $treet with their Ponzi schemes, derivatives, imaginary money, and so on. What these people did was fraud, pure and simple, yet Uncle Sam has done little to bring them to justice. Unfortunately, this fraud resulted in the common folk losing jobs, houses, etc.
The free market WILL fix things, but it is merciless in doing so. That is where private charity enters the picture. Taking my hard earned money and giving it out under penalty of law is not compassion; it is robbery, no matter how noble the goal. Paying taxes to support the PROPER functions of government is not a problem with me..
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You claim that capitalism and deregulation did not get us into this mess.
Were derivatives developed by the free market and implemented by those who determined they could profit from it?
Were loans made to people without credit and without the capability to pay because the government backed the loan without oversight?
It was precisely the "free market" with the blind eye of the government that put us where we are today. The free market saw the opportunity for short term profit and failed to heed the inevitable rises and fall of the real estate market.
If you with to conclude that Bernie Madoff caused the meltdown, well, good luck with that position.