Friday, March 23, 2007

Early candidate for best headline of the year

Who is to Blame for the Mortgage Carnage and Coming Financial Disaster? Unregulated Free Market Fundamentalism Zealotry.

And the piece lives up to the promise:

...be ready for a cabal of supply side voodoo ideologues...

...other assorted voodoo religion priests...

...fairy tale spinned by free market supply side voodoo fundamentalism zealots...

...listen for example Larry Kudlow extolling every evening on CNBC the virtue of unregulated wild-west cowboy capitalism...

...Blaming the now too late government crackdown on free market mortgage practices that were utterly reckless for the final bust and crash is like blaming the doctor for imposing bitter medicine to cure the disease of a reckless patient who lived in a bubble and spent the last few years on a diet of booze, drugs and artery clogging junk food. This latest mortgage carnage did not happen because of excessive over-regulation of markets by the government: it happened instead because – blinded by the anti-regulation dogmas of a bunch of priests of a voodoo religion – the government and regulators did nothing to sensibly regulate the housing and mortgage market and thus allowed this cancer to grow and fester.

(I feel like I need a drink.)

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