That’s right: the current financial crisis derived from left-wing ideas. If you doubt this, check out this quote from a New York Times article that appeared on September 30th, 1999:
Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton administration to expand mortgage loans among low and moderate income people …. In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.
And that’s exactly what’s happened. Government force was used to lend money to people who couldn’t afford to pay it back (the so-called sub-prime borrowers) and, thus, government intervention in the market for socialist reasons created the problem we now face. Could there be a better motivation to adopt libertarian ideas? Yet we’re poised to elect one of two believers in Big Government to the office of president. This is utter madness.
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