The Center for Freedom and Prosperity Foundation has just released an excellent short video with the best explanation of the financial mess that I've encountered. The video points out that government intervention caused the mortgage crisis, whether it was rapid expansion of subprime lending by Fannie Mae and Freddie Mac, or the Basel II international banking rules that gave banks incentives to conceal their operations and engage in risky lending.
Why is this so important? Most of the remedies now under consideration involve more government intervention. Most likely, they'll only make things worse. My fellow taxpayers, take heed!
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