Mark Levin Discusses Conservatism (Part 2 of 6)

Mark Levin addresses the root causes of the financial crisis such as the irresponsible lending from Government Sponsored Enterprises such as Fannie Mae and Freddie Mac; the lack of congressional oversight of both organizations; and the large bonuses and incentives created for the executives of both organizations for providing unrealistic and foolish loans which end up hurting the same people they (claim) to have set out to help. He also notes that the claim that "the free market failed" is a complete fallacy, as a free market never existed due to government interference. The aforementioned organizations (FHLMC and FNMA) were created by the federal government and both distorted the market by subsidizing and incorrectly pricing the risk associated with such loans. The free market is a form of economic democracy and whenever the government implements subsidies, price controls, wage control, malinvestment, and poor allocation of resources, the market then ceases to be a free one. Hence the discoordination leads to an economic catastrophe due to the hubris of socialists, statists, elitist central planners, and egomaniacs in government. The same people who claim to help the lower and middle class end up hurting the lower class more and destroying the middle class.

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