Wednesday, October 27, 2010

Republican Richard Burr brought this housing problem to our doorstep

Michael Hudson has written a new book, The Monster, How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America--and Spawned a Global Crisis. You can follow the link to his book and read a really good, brief excerpt. Michael does an excellent job of revealing just how screwed up our whole mortgage lending process was. It was an industry of predators who screwed a vast number of Americans.

Make no mistake about what happen, we had too many political leaders who lived by a philosophy of laissez-faire capitalism. Laissez-faire capitalism is a philosophy of allowing the free markets to police themselves. Our Republican Senator Richard Burr would often pound his chest about being a follower of Laissez-faire and free markets. He doesn't do that any more. Is it any wonder why he doesn't mention it now? He brought us this mess. He's guilty as sin of screwing America. He knows it too.

It was the Laissez-faire attitude of the Chairman of our Federal Reserve Board, Alan Greenspan, that stood in the way of sensible oversight of our mortgage industry. If we had sensible oversight in place, this mortgage mess would never have evolved into the screwed up economic disaster that we're now living through. Richard Burr was a key supporter and enabler. Thank Richard Burr and his Laissez-faire philosophy for the mess that we now must endure.

Richard Burr and laissez-faire capitalism failed us. And now you can read about it in Michael's excellent book.

North Carolina deserves better than Republican Senator Richard Burr.

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