Friday, March 05, 2010

Why we don't need bank consumer protection

Hat tip: Naked Capitalism

In vein, see this debate with a major player in the anti-tax Tea Party movement, Rick Santelli.

"You basically have a whole panel of CNBC goons pooh-poohing the idea that predatory lending took place, setting up the inevitable revisionist history that the 2008 crash was caused by individual homeowners borrowing beyond their means."

Tavakoli has just deftly explained how a lot of the predatory practices worked . . . While she’s saying all this stuff, Santelli, who is one of the fathers of the Tea Party movement, is shaking his head furiously, video-scoffing at everything she’s saying. When he finally does get a chance to speak, this is what he says:

'Here’s my problem with this. It takes two to tango. You can’t cheat an honest man.'

You can’t cheat an honest man? What the * * * * does that mean?

Following our previous post about the tea party and slavery, this post also contains some interesting perceptions about the tea party movement.


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