In this clip, Yaron Brook of the Ayn Rand Institute and Peter Schiff of Euro Pacific Capital explain why the new mortgage reform bill wil hurt housing market and economy. The discussion hints at restrictive regulations in the wake of irresponsible actions of the U.S. government.
Government intervention is contrary to the principles of free market capitalism and the new proposed regulations impinge on individual rights which the essence of a free economy.
In his article: The High Cost Of Washington’s Price Manipulation Policy, Dr. Brook expounds on his view of the need to remove government intervention particularly in the mortgage and housing markets in order to allow capitalism to resume its healthy flow:
Maybe it’s time for a new approach. How about we start thinking of ways to address this crisis by getting the government out of the business of price manipulation–and let prices, from home values to interest rates, be determined by people’s free choices and the law of supply and demand?