Han wrote:

Tim Daneliuk wrote in news:6p1iq5-2572.ln1
@ozzie.tundraware.com:

At this point, it matters very little who is right or wrong. The
Big Government monsters are using this set of events to further
Federalize our nation. We have taken another gigantic step into the
hell of a collectivist nation - in large part to our own foolish greed
as individual citizens who want what we want without caring much whether
we are legitimately entitled to it.


I think we are much more alike than you suspect. I am for individual
responsibility, and I do think those who went in over their head should
not
come off scott-free (sp?). But I still think the basic mistake for want
of
a better word is not enough regulation and oversight. In a free market
there should be responsibility (enforced or natural) to prevent excesses
such as the savings and loan debacle, the dotcom bubble and now the
housing
and debt bubble. To let the free market correct itself with boom and bust
is not good governance.


Good heavens! How much more regulation can we stand!? After Enron,
Sarbanes-Oxley should have prevented anything like happened to Lehman what
with all of its reporting requirements, transparency, and data collection
down to the smallest project. How much more intrusive do things have to
get? As Hank Greeneburg stated, "there is no amount of regulation that can
save you from bad management."

The problem here has been the fact that with the government backing these
loans and pushing by regulation or threat the requirement for "affordable
housing" (code for loans to people with little or no ability to repay), the
onus of responsibility was removed from both lenders and borrowers, leaving
the mess at the feet of taxpayers.


--
If you're going to be dumb, you better be tough