- Jan 5, 2009
- Reaction score
Who's going to investigate the fed? The treasury? Congress? The entire mess could have been stopped or even prevented with stronger laws, better monetary policy, better tax policy, better oversight of regulators and the GSEs and less social engineering by Congress. The simple act of raising interest rates, or forcing Fannie and Freddie to maintain mortgage standards, or stopping the policy of trying to insure every Tom, Dick and Harry could get a mortgage, or taxes that incentivize savings over investment or if regulation is your poison, then regulating the credit ratings agencies...all or any of these things would have worked better than trying to close the barn door after the horses have escaped. Gov't and lovers of gov't want to blame industry but they don't want to acknowledge the shortcomings of big interventionist gov't...it's mind boggling. YMMV.