"Politicians love a 'crisis.' John McCain, Hillary Clinton and Barack Obama all think that the government should bail out homeowners who can't pay their mortgages. When they say the government should do this, they mean the taxpayers, including those who are paying their mortgages. They also think the government should regulate the lending and investment industries further. Why? Because 'crisis' justifies making big government bigger. It's why we now have a global warming 'crisis' and in previous years we had 'crises' over avian flu, the Y2K threat to computers, imaginary cancer spikes caused by pesticides, killer bees flying up from Mexico, and uncontrolled population growth leading to a 'Population Bomb' that will bring 'riots and mass starvation' by the year 2000. This is not to say that lots of homebuyers aren't having a hard time. But the rapid rise and fall in housing values in some parts of the country-and the rippling consequences at each stage-do not justify scrapping what we know about economic success and turning to government control. Prosperity and stability come from people being free to innovate and produce-and yes, fail... The best regulator of economic activity and source of knowledge is free competition. Of course, government inhibits that in many ways. If we want to avoid disruptions like the current one, let's undertake a wholesale examination of government intervention in the economy. Freedom, not control, is the ticket to success."
-- John Stossel