DON'T THE POLITICIANS WHO CAUSED THIS CRISIS BELONG IN JAIL?

Richard Rahn says:

"If government agencies pressure banks to give loans to people who are poor credit risks, do you view this as a failure of capitalism or a failure of government? A number of left-wing politicians and commentators have made the assertion that the financial crisis is a result of too much deregulation under the "capitalistic" policies of President Reagan.

Those who make the assertion are either ignorant of the facts or being untruthful.

What we have seen is not a failure of free-market democratic capitalism, but another failure of a government that destroyed the normal market mechanisms for dealing with risk.

There have been many calls for the "greedy" to be punished, but the political "greed" for power and money is even more dangerous than excesses practiced by occasional business people."

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Richard W. Rahn is a senior fellow of the Cato Institute, Chairman of the Institute for Global Economic Growth and Chairman of the Advisory Board of the European Center for Economic Growth.