As we noted previously, esteemed economists such as Hernando de Soto have identified that the respect for title, proper documentation, contract law and private property rights are the underlying reason capitalism works in Western nations, but seems to flounder elsewhere.
We cannot have free market capitalism without this process. So what does it mean if banks have been systemically, fraudulently and illegally undermining this process?
Of course, questioning the banks might cause trouble for the already troubled economy, which we all know was caused by Democrats, Fannie Mae and Freddie Mac, and not banks at all. Really.
Though it is funny to hear White House staffers balk at a foreclosure moratorium because it may have "unintended consequences." #isntitironic #dontchathink
HT: Jeffrey
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