Wednesday, March 11, 2009

Those who do not learn from history

When planning for the future, it is important to review history. The banking crisis didn't just happen accidentally.  This video shows Democrats Dodd, Frank, Waters, and others insisting that banks give mortgages to people who could not afford them and then attacking the regulators who wanted more responsible lending:

Toward the end of the video, Democrat Franklin Raines is shown claiming that houses are 'riskless' assets. With such management, this banking crisis was inevitable.

Hat tip: Michael Costello

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