Thursday, October 02, 2008

What Caused Our Economic Crisis? pt.2

Larry Lessig comments on the takedown of the video I linked to the other day. Via BoingBoing.net

A side note (for those who have seen the video) -- I have heard the Community Reinvestment Act mentioned as a leading cause of the the sub-prime lending crisis but definitely not the only cause, and probably not the root cause. I am still doing research on this, but the basic economic principles of supply and demand still apply, and ignorance of (or interference with) those principles is the root cause of nearly every economic crisis our country has experienced. Ironically, it is those very laws (i.e. Capitalism) that liberals attack as the cause of our problems. More on this as I do my research...

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