People in denial will never learn from their mistakes. They didn't learn from the Savings and Loan collapse and repeated history. Insanity is doing the same thing over and over and expecting different results.
Exactly. Continuing to claim government isn't causing these issues, or is somehow able to predict and prevent them despite the evidence to the contrary, is insane.
Nearly ever claimed cause of the S&L crisis involves government inexperience, inablity to enforce their own laws, their improper de-regulation, Government tax manipulation, or the moral hazards created by (like always) federall guaranteeting and overseeing risky lending. It's not that they aren't decent people that work a fair amount...it's that central planning is now and always will be dangerous.
Any idiot knows that if you allow someone to believe someone else is "responsible", they will act irresponsibly. They won't even *try* to act resopnsibly...why should they? It's been delgated, and those "other people" will keep them in check. But wait, I can make millions if I make this risky investment...well, it's certainly worth trying for millions right? I mean, government will stop me if I do something wrong, since they are responsible (according to you), right? How the **** can Alan Greenspan be sufficiently or logistically incentivized to understand every player in the maket and ever action they take? It is indeed, insane. That's why individual ownership and accountability always win out.
And the worst possibly type of system to take on critical, hard, complicated, responsibility, is CENTRAL PLANNING.
What do you think real estate investors thought when they saw the fed bail out the S&L crisis? Hey neat, we can do this again and big daddy will bail us out.
As for hindsight. I work in the housing sector and could see exactly what was happening and that the collapse was inevitable. Building 20 years worth of homes in three years was the giveaway.
So I assume you took measures to insulate yourself from it? If so, that's exactly how it's supposed to work. Notice it wasn't government that saved you, they only made it worse for everyone else.