The possible exception to this declaration is the nuclear industry writes Peter Schweizer in his 2009 book Architects of Ruin: How big government liberals wrecked the global economy—and how they will do it again if no one stops them.
The George W. Bush administration did not deregulate the economy. Instead, it approved thousands of pages of new regulations each year.
So what was the cause of our recent housing crash?
Starting in the 1970s, liberals such as Ted Kennedy, William Proxmire passed legislation to force banks to lend money to politically connected minorities with a poor chance of repaying such loans. This was called democratizing capital. Activists blacks and hispanics demanded new subsidies for their constituents and banks saw it was easier to give in to these demands than to fight for their independence.
The Clinton administration repeatedly bailed out Wall Street firms that acted irresponsibly.
There’s been a war on banks since the 1960s in the name of fighting racism.
Banks are one of those rare businesses that can not invest as they see fit. Instead, they must abide by government regulators who tell them how they may invest.
Banks are charged with practicing “redlining” — writing off whole areas of a city as too risky to invest in. These are usually crime-ridden minority neighborhoods. It simply makes no economic sense to invest in these places.
Is home ownership a human right that needs to be guaranteed by the government? Or is it a privilege? The result of careful saving and hard work? Conservatives say the latter. Liberals say the former.