Monday, June 23, 2008

Tough news for the little guy

Looks like our state senator isn't getting rave reviews when it comes to dealing with the housing crisis, and Ground Zero is in the middle of his district.

The San Francisco Chronicle took Mike Machado, D-Linden, to task today for voting in opposition to several bills that would have enacted some measure of regulation on the home-lending industry.

Part of the reason the housing meltdown happened was because those with the power of industry oversight decided to "trust the free market," while conveniently forgetting that often includes barely-legal (and sometimes downright illegal) schemes that ultimately create more losers than winners.

Sensible regluation can help keep industry in check while allowing its captains to still make a comfortable living. But if you prefer more Enron "success stories," that's your perogative.

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