Political Correctness in Banking

So the Fed(Greenspan)made money available like a druken sailor and using the langauge of caring to tear down normal lending rules, opened wide the floodgates for sub-prime lending. Right now the gov't can only print more money, they are a one trick pony, even the stimulus package does not address the real issues, but they have to try and keep up the illusion that they care, but in Washington it's all about keeping up resemblences till the election is over.

Central banks and manipulating the "monetary supply" have nothing to do with free enterprise. We have not had free markets in a very long time.

From Lew Rockwell today...
Countrywide Financial Corporation and the Failure of Mortgage Socialismby Eric Englund

Angelo Mozilo is the Chairman, President, and Chief Executive Officer of the failed Countrywide Financial Corporation. Mr. Mozilo co-founded this company, nearly 40 years ago, in 1969. To be in business for almost forty years, and to become America’s top private home-mortgage lender, are testimonies to genuine business acumen. However, success can breed arrogance, and a sense of supreme power, to the point where a corporate chieftain believes his personal will can override the free market and reshape society according to a grand vision – which, for Angelo Mozilo, entailed making America a better country by bringing home ownership within reach of all and sundry. For Countrywide Financial, unfortunately, Mr. Mozilo’s dream of social engineering demanded that sound credit-underwriting principles be abandoned. And now, Countrywide Financial Corporation’s failure stands as a monument as to how integrating egalitarianism and political correctness, into a business plan, is downright poisonous... Read it All