The financial crisis on Wall Street is more than a cyclic correction brought on by a mismanaged business cycle. It 'a symbol of a problem on the basis of the right wing economic philosophy, the conventional wisdom during the Bush years has been - and would continue in a McCain presidency. The fanatics of the free "free market" put aside the fundamental lesson that the world has learned during the Great Depression: left to themselves do not, unregulated financial markets, thisnecessarily function for society as a whole - or, in the end, even many individual market participants. For many years after the global economic crisis, most mortgages from banks and savings have been made available. Traditionally, these institutions originate their own loans, to assess risks, and a relationship with the borrower. It was in the interest of the institution to make loans - which is how he made money. But there was also interest in the institution to ensurethat the borrower can repay the loan because he had lent her money. Over the last thirty years, the mortgage market has changed radically. Now most of the loans by brokers or mortgage lenders, the "charge" their money with their payments and were often large lending institutions not regulated. Once these loans, which are then packaged and sold as securities through the secondary mortgage market. Mortgage originators had every reason to make all loans...
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