Economist Dr. Thomas Sowell on the financial crisis

[LogicalFlawDetector]

Hate Sean Hannity. But here he made some sense. Dr. Sowell should be the leading adviser for the incoming Republican president. We can't afford corporate socialism.

[sirjosh2009]

Everyone who doubts the free market system must be see this video. (What I like about this is that he doesn't deny the bankers were greedy, but stresses that they were forced to be greedier than rational. They certainly made huge profits on these mortgages at first, but to them these high risked mortgages were low risk because they simply sold them. They knew that if homeowners couldn't pay- the government had the entire country's wealth to pay them off for them. A toxic mix indeed).

[Porojukaha]

Those poor banking execs. Everyone thinks they are assholes out to screw the world. In reality, they were doing their best with a very shitty situation handed to them by the federal government. In that light, the bailouts dont look so corrupt and self serving. It was almost like the government was like, we screwed up and caused you to fail, so here, well prop you up a little. The only problem is, the money was corrutply distributed and put on the taxpayers tab. So it was still a robbery.

[stonergeo33]

His books are fantastic, insightful, and an easy read!

[goodatbasebal]

I like Sean Hannity because he is at least on the right path. But he tries too hard to sound intellectual and in the end he still is a Neo- Conservative. But he is learning little by little lol

[raptorkiller2k5]

Remember governments were even overborrowing. That is, taking loans that it couldn't afford to pay. This applies to the equally bureucratic private sector. The reason why that may be the case is because the market is so over protected. One wants to bar Mexicans, because workers from these countries can do work at cheaper costs.

Why not market yourself better? Become an engineer, hell consider pure mathematics. There are numerous scholarships available. Protecting the menial costs a lot as well.

[raptorkiller2k5]

I blame bureaucracy in general. The private one is just as toxic as the public counterpart. That is something working people would notice. I don't know why whatever -ists, seems to romantice either spheres.

The Danish have some of the lowest deficits and public debts in the world. In fact, the nation isn't blessed with so many resources either. It's ridiculously socialized, with free university et al, and yet the nation is fiscally sound.

[1xirsx1]

@raptorkiller2k5 the difference between bureaucracy in the private sector, and bureaucracy in the public sector, is that the private sector has consequences. If they are doing stupid things in the private sector they go out of business. If they are doing bad things in the public sector, they get increased budgets. The problem is, and always has been, the do-gooders in government, doing bad things with no consequences.

[Porojukaha]

@1xirsx1 I would prefer a capitalist out to screw over everyone and their mother. A shameless robber baron, to one do gooder in government.

[raptorkiller2k5]

Financial institutions were forced to provide capital to keep Western markets running. The credit-rating agencies are bogus and have channeled low-interest loans to wealthier nations.

That is why banana republics such as Greece seem to have issues running huge deficits. Credit was available to them due to EU status, and yet the nation produces virtually nothing.

PS: Pinning the blame on only low income lenders seems to simplistic, though. AIG wasn't a Hispanic-American borrower, remember.

[Sargonarhes]

He's on Fox because the lame stream media don't want to hear him put the blame on every one that deserves it. Like he says there is plenty of it to go around.

The Liberals only want to blame Bush, when they share much of it as well. The lame stream media doesn't want to hear that.

[parrotsnest]

Thomas Sowell deserves much better than to be on Fox News. But it's nice to hear him get an outlet for his thoughts wherever, I'll take it.

[JERice7]

How true! Thomas Sowell Rocks!

[truthforamerica]

Not a shock that this guy will never be interviewed on MSLSD or other liberal hack networks.

[Porojukaha]

@truthforamerica LOL!!! IM forever calling it MSLSD from now on. thank you.

[TimeWarp66]

T. Sowell is the man!