misterjesus (npub1mw4…p6t6) npub1x4uhjd769jusa8qxfsf0w4lz7hg4rxwclwf93l2vvnf2kkgycc0sd86apx (npub1x4u…6apx)
The state required the banks to provide mortgages to people who couldn't afford them.
I can't find anything on that
The state also made the real estate exempt from capital gains tax. That, combined with low interest rates, will make the market speculative.
The market is always speculative thou. The state may make it worse or better, but it's always speculative, as the firms are always in competition with one another and consistently try to expand their marketshare.
Then banks were bailed out after everything fell, which removes the incentives to be responsible because they will get bailed out next time.
It is easy to blame deregulation when you ignore other important factors.
Deregulation accellerated a trend already present in any capitalist market economy: buisnesses always try to expand into existing and new markets, and a way to create new markets or reduce production costs is by removing regulations. Imo, even if the goverment hadn't bailed out the banks it would have changed little.
The thing behind this is that the states of capitalists nations are ultimately beholden to capital, so they pull back regulation when it wants to expand and bail it out via public debt when the economy busts. I should have been more clear on that.
Moffin'tosh /
npub1wn…qj0ku
2023-08-31 13:54:59
in reply to nevent1q…dky6
Author Public Key
npub1wnananj87ry4jvfzfd49dqln0ry40vfxnxkskvvfq4ne42j9gqnqvqj0kuPublished at
2023-08-31 13:54:59Event JSON
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