George W. Bush said the following (yesterday I believe it was):
We must recognize that government intervention is not a cure-all. For example, some blame the crisis on insufficient regulation of the American mortgage market. But many European countries had much more extensive regulations and still experienced problems almost identical to our own. History has shown that the greater threat to economic prosperity is not too little government involvement in the market; it is too much government involvement in the market.
To point to Europe's regulations failing to prevent Europeans from buying up American made mortgage-backed securities is really stupid propaganda isn't it.
If Europe had said that its illegal to buy U.S. mortgage-backed securities, would Europe be in the same financial trouble it is in now? The answer is no. The whole world would have been better off, because the Wall Street sharks would not have been so able to peddle their snake oil as a good investment.
Do I believe in coercive regulations? I believe in them wherever all the people have join voluntarily to watch out for each other's real best interests. That's Christianity to my friends if any dare call me friend by agreeing with Jesus.
"History has shown that the greater threat to economic prosperity is not too little government involvement in the market." History just happened, and too little giving a damn about other people in the market definitely caused all the problems.
Who wrote that for Bush? Whoever it was, he or she is full of hogwash.