Wednesday, September 24, 2008

Views on the Bailout: Part 2

So here is a completely opposing view from Ron Paul, of Internet fame. This might surprise you, but he believes government intervention in the economy is a bad idea. Shocking right?

Here's an interesting tidbit:
Laws passed by Congress such as the Community Reinvestment Act required banks to make loans to previously underserved segments of their communities, thus forcing banks to lend to people who normally would be rejected as bad credit risks.

This is a pretty classic conservative/libertarian/ federalist viewpoint. Well-intentioned(?) Senators in Washington pass legislation that warps the market and has unintended effects. There might be something there, but it would require a pretty massive study. Paul doesn't come close to making a real argument for that, but then it's just a piece on CNN, not really the place for Paul to get all Austrian on us.

I still think that Ron Paul may end up being the most influential candidate of this cycle... eventually.

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