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October 4, 2008
Quote of the Day – Saturday, October 4
“Would lenders have made such bad loans without government interference, indeed, without government pressure? Probably not nearly as many of them. When the break came -- when defaulting lenders could no longer clear their debts by selling their houses -- lenders probably would have tightened up their practices. Some lenders would have gone bust.
Wall Street would have adjusted their software models, and the whole thing would have pulled back. Some Wall Street firms might have failed.
But with the government pushing the whole process along, it became the train wreck of today.”
Wall Street would have adjusted their software models, and the whole thing would have pulled back. Some Wall Street firms might have failed.
But with the government pushing the whole process along, it became the train wreck of today.”
Lawrence Henry
Columnist; Human Events
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