The Mortgage Lender Implode-o-Meter now stands at 91. That’s 91 major US lender and mortgage companies that have gone bankrupt, closed their doors, or otherwise gone belly-up since Dec. 2006. More than a few have managed to get themselves indicted too.
Tell me, is this how the “invisible hand of capitalism” makes everything right as long as the pesky government backs off and doesn’t interfere in business? Well, the government didn’t interfere, the vultures went mad with greed, and now it’s all blown up into pieces.
Government intervention will be required to try to fix the mess they made. But, I’m guessing free marketeer greedheads won’t turn down government bailouts -while no doubt continuing to loudly protest how the government should keep its hand out of business.