Convicted Felon Robert Creamer Slams Free Market Economics

Convicted felon Robert Creamer reports on greed and markets:

The only solution to this problem would have been the kind of regulation that was put into place for banks during the New Deal. With banks and with savings and loans, regulators guarantee a substantial portion of the depositor's money, but they also ensure that the mix of loans and the bank's overall financial structure is sound. Today the major source of mortgage capital is not banks or savings and loans, but from financial institutions that are almost free of regulation.

The same went for the two institutions that were set up to create this "secondary mortgage market," Fanny Mae and Freddie Mac, before they were taken over by the government last week.

The kind of regulation that was necessary was opposed by the Bush administration -- and the entire right wing business and economic establishment -- that is trying desperately to hold onto power by electing John McCain to continue the Bush presidency.

It appears that Creamer doesn't get his facts straight.The Bush Administration wanted tighter regulations on Fannie and Freddie.