Why are you here?
I do not think the Dems have the answer either because they do not believe in fiscal responsibility. GOP on the other hand trust businessmen too much. It is ironic that the free market types do recognize self interest or greed plays a role in driving a person’s behavior, but have a lax attitude toward the consequences of greed unchecked. Psych have evaluated the behavior pattern of CEO’s and execs and find about 20 percent exhibit sociopath traits. Add the ability to invent deals and investment vehicles no one understands, access to other people’s money and a gov that is clueless and you have the recipe for grand fraud. What happen with liar loans and the selling of mortgage portfolios riddled with liar loans as AAA investments while the firm selling the notes were betting against it thru hedge funds should raise big red flags on unlimited trust of businessmen.
The CEO of Crazy Eddy Electronics was interviewed and asked why he cooked the inventory figures and books to commit stock fraud. His answer was no one was looking and the money was there. I agree with conservatives that we do not need more rules, but we need to enforce the rules. Gov has a role in the market, it needs to monitor business activity and the activity of businessmen to make sure they do not cheat the consumer nor corrupt the gov officials. Fail to follow these principles, the financial meltdown of 2008 will be repeated again like scandals of the past 40 years.
I know the argument that the gov was solely responsible for causing the financial meltdown in 2008. CRA did force banks to overlook certain criteria for minorities to get loans. At least these mortgage notes were flagged as subprime. Liar loans had no flag and were rated AAA fraudulently. Since the gov created a loophole for criteria and were willing to buy the notes after six months without checking the info on the application (to insure proper AAA rating) does that mean the banker can take advantage of the stupid loophole that can destroy the financial system of the world and US? Or do conservatives believe that short term profit is allowable because it is legal and the businessman is not responsible for the long term effects of his behavior even if it means the destruction of the US? That is what some freepers are inadvertently defending. Our founding fathers warned us that in order for our republic to be successful it will need moral and virtuous men. Business community has not projected such image.
At this point some freepers are pissed, let me remind them who hired the illegals and paid them under the table. It wasn’t the Dems it was businessmen. Who sold more accurate guidance systems to the PLA and lobbied Clinton to overrule the DoD. Could it not have been, oh oh it is coming back, it was a CEO of Loral (businessman)!!!!