“Stolen” Money of Fannie and Freddie were Major Cause of Wall Street Collapse

Posted: January 20, 2013 in america, economics, politics
Tags: , , , , , , , , , ,

The following short article was written on June 2009. It’s republished here for the readers of this blog.

By Con George-Kotzabasis

McGarrett’s strong medicine is for strong stomachs. But it’s most unlikely that the weak stomachs (read: of nipple-fed intellectuals) of the left will be able to digest it. His impartiality is irreproachable, as it ‘hits’ both lenders and borrowers with the Nemesis of the principles of the free market, a la Ludwig von Mises.

The free market is the best tested guide to long-term prosperity in an imperfectly made world. Even if it’s politically manipulated it still delivers the goods in comparison to a command dirigiste economy. Therefore one cannot equate the two. And even when it falls sick it recovers more by its own strength than by the intervention of the state “doctor”, even if paradoxically he presents himself in the form of the liberal Hayek, as you argue in your interesting piece on your blog. But certainly, as you correctly point out,  the free market if it’s impeded by the “panaceas” of government intervention has the “freedom to do harm.” But whom does it harm other than the economically imprudent and those that cannot ‘Guard that solvency,’ to quote you?

To your contention that ‘This overly free mixture of political and market manipulation literally stole your property,’ I would add that this property was bought with “stolen” money provided by those two magnificent, replete with fairness and justice, “liberal constructions” of Fannie and Freddie.


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