Adam Katz

Credit Markets and the Price of Gold

moonbat, don't over scapegoat the govt and banks.

As a Mises supporter you obviously believe in completely free markets, no govt intervention, etc. You also believe that each individual has the right to make decisions for themselves and no one else should cover the costs if they screw up. If a consumer gets into a loan that he/she knows they cannot afford, or signs a contract that they don't fully understand, they are as responsible as the lenders who misled them. They essentually assumed too much risk and as a result should fully suffer the consequences of losing their house, declaring bankrupcy, and losing all of their assets in the process.

I am not proposing this as a solution, all I am saying is that if you believe in the philosophical principles of Mises, you cannot lay all of the blame on the banks and the Fed, even if they were the root cause.