With Congress prepared to underwrite $300B of bad mortgage debt, wonder how long it will taxpayer take to work off this obligation and its likely iterations and how many politicians will be enriched? Read the masthead when longing for so-called government intervention since all human action is fraught with unintended consequences.

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Yep, today we are seeing the results of a regulated state, government intervention at its height. So, you would think that if such government intervention and regulations, which are in absolutely unbelievable super-human proportions, actually worked or were even effective, then we would see a very different situation in this country. My contention has been that the vast majority of problems we now face are a direct result of the regulatory process that intervenes within this country, its economy and its social structure. Every single problem that has reared its ugly head in times of economic distress is portrayed as an issue of unregulated free-markets; we have not see a free-market in this country for decades. The latest "mortgage crisis" is being blamed, particularly by politicians, on the lack of regulations in the mortgage industry but when you look at the rotting mass of regulations in that industry you have to ask yourself where are regulations lacking. The Federal Reserve and the government have regulated that industry to the hilt, don't believe it, go to the ALLREGS site or to the American Association of Residential Mortgage Regulators. The policies of the FED were a prime contributor to the latest mortgage "melt-down", the FED promoted many of the very same mortgage instruments that it now seeks to restrict through regulatory oversight.
It's such a ridiculous contradiction that I am amazed that no one stands up and says "wait a minute, something is crazy here", many of our politicians love it when things like this happen because they can slap a few more tons of regulations, laws, act and oversight on industries like the mortgage industry and expand the scope of their powers while reaping political benefits from many sides of the regulatory game being played in this country.
By all means, read the latest report from the world's Central Bank of Central Bankers, The Bank for International Settlements. One excerpt states: "The difficulties in the sub-prime market were a trigger for, rather than a cause of, all the disruptive events that have followed. Moreover... the magnitude of the problems yet to be faced could be much greater than many now perceive. The eventual global slowdown could prove to be much greater and longer lasting than would be required to keep inflation under control. This could potentially even lead to deflation, which would evidently be less welcome."
Ah yes, the world of a regulated economy, all is well in hand, don't concern yourselves with the man behind the curtain.