I just got back from dinner with Richard Ebeling and the hosts of tomorrow’s Freedom Seminar, along with some of their donors.
I flipped on the TV so I could fully appreciate my advantage over Stephan Kinsella. I couldn’t resist watching Michael Moore pontificate to Larry King about the significance of the elections. (His conclusion was that voters demonstrated that they wanted Obama to pursue the progressive agenda for which they elected him in 2008.)
Then, as a special treat, Moore said that most of the mortgage fraud had been conducted by the Wall Street banks. King asked him to elaborate, and Moore fumbled for an embarrassing amount of time–I actually thought he was going to punt and move on.
But then Moore recovered, and said something like this (paraphrase): “These banks gave mortgages to people who they knew wouldn’t likely pay them back. And then these same banks went out and bet against these investments. If a casino did that, they’d be prosecuted.”
Really? So a casino doesn’t lend someone money, and then bet against the investment that the person makes with it?