James Steele is on C-SPAN2 droning on about how the ‘deregulation mindset’ is what caused the housing crisis.

Now the reason he keeps talking about the ‘mindset’ of deregulation as opposed to, oh I don’t know, ACTUAL DEREGULATION is because there is no actual deregulation to point to.

He also just admitted that government regulations lowered lending standards, saying this may have had “some effect” but that the REAL problem was that lending standards were too low…

He said “Now that’s not a regulation. That’s the free market.”

I guess he was unaware of his own comments in the previous sentence he spoke before that one. Also he was unaware of the fact that on top of the governmental rules lowering lending standards, the increased cheap credit from the Fed necessarily reduces lending standards…

Yeah, that’s all just the free market run amok.