[quote=EconProf]gdcox: I agree with your slam on President Bush to not put reins on mortgage brokers some years back. Might have avoided some, but not all, of our current problems.
But note that for economic principles (and capitalism) to work, we don’t need perfect information. We act with what we know, we seek better info, and we USUALLY avoid doing stupid things that hurt us. The sad thing about the bailout is that it would remove market incentives to do the right thing in the future. [/quote]
Your’re really going to blame this on Bush? LOL.
If you want to blame someone I suggest the blame goes to Greenspan who kept rates too low for too long and also to Bill Clinton for signing the law enabling Banks to own Wall Street firms and Insurance companies.
