Devil505 wrote:mr1precision wrote:I would answer this question with a question. What does the government do better than the private sector? Besides waste money and get fatter and dumber. I feel like the government is out on a bender and we the taxpayers are suffering with the hangover.
Except your little argument is wrong in that it's pretty well accepted that it was the lack of government oversight that got us into this crisis in the first place. (Lack of oversight let your beloved "Private Sector" get greedy & cheat when there were no umpires on the field of play, because they had been banned from the game).
It's "pretty well accepted that it was the lack of government oversight that got us into this crisis in the first place" only by those who choose to look at only part of the history. Government meddling,in the form of laws requiring banks to lend to people who lacked creditworthiness, was the ultimate cause. Fannie and Freddie backed these loans, so there was no penalty, as in the past, to banks for lending to people who they knew were unable to meet their obligation to pay back the loan. In attempting to "level the playing field" (in the interest of equal outcomes, rather than equal opportunity) the government set up conditions whereby normal market forces limiting imprudent lending were removed.
Man did not begin acting in his own self-interest--getting "greedy" in the parlance of the day--for the first time in the late 1990's-2000's, did he? So, why did these problems arise when they did, and not earlier? Only because the rules of the game changed by government edict.
BTW, I feel that describing another's argument as "little" is demeaning--as if one of us sees himself as somehow morally superior to someone else who doesn't hold the same opinion.
My view is that, with no exceptions exept the prosecution of criminal behavior, the best governmnent action is to get out of the way of productive people. No recession has ended because government taxed and spent more.