The Debate is Shifting...MY Way

day after day, more and more people are realizing, or coming out and saying, that it was NOT deregulation and lack of oversight that led to our current financial crisis, but rather the usual liberal social engineering.

Stan Liebowitz chimes in:

HOW did America wind up in its worst financial crisis in decades? Sen. Barack Obama explained it this way last week: "When sub-prime-mortgage lending took a reckless and unsustainable turn, a patchwork of regulators systematically and deliberately eliminated the regulations protecting the American people."

That's exactly backward. Mortgage lending took that "reckless and unsustainable turn" because of regulation - regulation driven by liberals and progressives, not free-market "deregulators."

Pushed hard by politicians and community activists, the regulators systematically and deliberately altered financially sound lending practices.

Someone else gets it. It's big government once again; it's allowing government to pick and choose the way the economy should go, based upon some program of the way things ought to be. Once again, instead of leaving people free to make choices, the control freaks need to take control. This leads to a worse situation than the one they try to correct.

It wasn't GREED, it was POWER. McCain and Obama have both been wrong on this -- both are busy attacking Wall Street for something Washington promoted and made happen. Will they learn? Only time will tell. At least we can see more and more economists out there are explaining what really happened, and why.

hat tip to Rachel Lucas for finding this :)