Re: It's All Ayn Rand's Fault

On Sat, 18 Oct 2008 22:27:21 -0700, "Mike Schilling"
<mscottschilling@xxxxxxxxxxx> wrote:

Will in New Haven wrote:

Or of libertarians. But her thiking on economics does fall into the
broad category of libertarianism. However neither the current
administration nor the legislative branch that oversaw the current
economic crisis has any tinge of libertarian thought.

"Regulation is a bad thing if it might hurt our friends" is a subset
of "Regulation is a bad thing."

Yes...

Regulation that might hurt Franklin Raines, Henry Cisneros, Angelo
Mozilo and other friends of Barney Frank and Chris Dodd was strictly
frowned upon.

And Cisneros himself did a lot of that deregulating...

http://www.nytimes.com/2008/10/19/business/19cisneros.html

"Under Mr. Cisneros, there were small and big changes at HUD, an agency
that greased the mortgage wheel for first-time buyers by insuring
billions of dollars in loans. Families no longer had to prove they had
five years of stable income; three years sufficed.

And in another change championed by the mortgage industry, lenders were
allowed to hire their own appraisers rather than rely on a
government-selected panel. This saved borrowers money but opened the
door for inflated appraisals. (A later HUD inquiry uncovered appraisal
fraud that imperiled the federal mortgage insurance fund.)

?Henry did everything he could for home builders while he was at HUD,?
says Janet Ahmad, president of Homeowners for Better Building, an
advocacy group in San Antonio, who has known Mr. Cisneros since he was a
city councilor. ?That laid the groundwork for where we are now.?"
--
"I guess I wouldn't believe in anything anymore if it weren't
for my lucky astrology mood watch."
- Steve Martin
.

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