Just as the FED policy is choking off credit, the SEC (plaything of Bernie Madoff) is now shutting down peer-to-peer internet lending sights, making free market loan systems outlawed. There are several of these that have been shut down, not for any complaints. Only that there could be trouble.
At these sites, people with money to lend review applications of people willing to borrow. After due diligence, the lender "bids" an interest rate on the terms. Two parties, freely contracting. WE cannot have that in America!
Just as the SEC outlawed shortselling when it was most needed, so they are now outlawing free market credit. Here again we have irresponsibility crushing freedom: the irresponsible people at the SEC are forbidding people to freely do business.
Our way out of this economic mess is freedom and responsibility. Obama has promised to spend out way out of this problem. No one is objecting. Expect things to get far worse.
Thursday, January 8, 2009
SEC Crushes Free Market
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