[clue-talk] Wow, Card's a little political...

[Jed S. Baer]

On Sat, 01 Nov 2008 01:03:43 -0400
Angelo Bertolli wrote:

> Believe me, I agree with you that the housing was not correctly 
> incentivized, but don't think for a minute that this bubble couldn't 
> have happened with a deregulated banking and housing market.  Pure 
> capitalism is survival of the fittest and will take advantage of
> whoever and whatever it can. 

I don't believe it should have been incentivized at all. Also, pure
capitalism would not have arrived at these god-awful mortgage instruments
used to make mortgages to people who couldn't actually afford them. No
pure capitalist would have put his/her investment money at such risk.

> If that means you get your cut, while other people 
> lose their homes, that's perfectly acceptable.

And, since such loans wouldn't have been made in the first place, people
would either have bought homes they could actually afford, or just
rented. Thus, far fewer people would have "lost" their homes. Yes, I put
"lost" in scare quotes because it implies that someone took something
away from them that they earned, when in truth, their "ownership" was in
fact a cruel fiction.