NAACP Sues over "Racist Predatory Lending" - Glenn Jacobs Comments

Big thanks to Glenn for his thoughts and the link to the story. It's all yours, Glenn:

Unbelievable. In a free market, I should be able to set the price that I demand for my product. If you don't like it, you can try to buy it for less somewhere else. No company has an obligation to "provide" services to anyone. (To be fair, government regulations often result in legal monopolies making it impossible for others to get into the business and limiting consumer choice).

It was the Community Reinvestment Act that started this entire meltdown. The CRA was aimed at helping minorities with the unintended consequence that people who shouldn't have gotten loans did. Thus, its the same old story--an intervention in the market leads to more intervention to deal with the consequences of previous interventions.

If you haven't read Atlas Shrugged, you should. This thing is playing out like a script. If a company complies with a law, it gets sued. If it doesn't comply with the law, it gets sued. And people wonder why the economy is going down the toilet. It's called "regime uncertainty."

http://www.cnn.com/2009/US/03/13/naacp.lawsuit/index.html

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