Commentary: On December 2, 2011 I was excoriated by a young "conservative" named Mike, who wanted to give me a hiding for my communist views on "unregulated" capitalism. He called me or more precisely my views "ridiculous" I'll let you decide who is ridiculous.
Since his attack was full of vitriol I have taken off the gloves as I see no point of entertaining his bombastic rhetoric.
He started with my "Thought for the Day" which are intended as a tongue in cheek rebuff of current obtuse conservative thinking. That will serve as Part 1-4 of my responses.
PART 4: Dear Mike, "A Series of Letters from the Left to the Right" is the last post defending against his attack on my "Thought for the Day"
The goal of NAFTA, CAFTA and SHAFTA was to ship jobs overseas. Real conservatives (not neocons) were against them.
It said: "After conducting “over 150 interviews and depositions, consulting with dozens of government, academic, and private sector experts” found that “the crisis was not a natural disaster, but the result of high risk, complex financial products, undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street.” 
In an interview, Senator Levin noted that “The overwhelming evidence is that those institutions deceived their clients and deceived the public, and they were aided and abetted by deferential regulators and credit ratings agencies who had conflicts of interest.”
By the end of their two year investigation, the staff amassed 56 million pages of memos, documents, prospectuses and e-mails.
The report, which contains 2,800 footnotes and references thousands of internal documents  focused on four major areas of concern regarding the failure of the financial system: 1. high risk mortgage lending, 2. failure of regulators to stop such practices, 3. inflated credit ratings, and 3. abuses of the system by investment banks.
The Report also said:
"Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products, and that governments did not adjust their regulatory practices to address 21st-century financial markets. The 1999 repeal of the Glass-Steagall Act of 1933 effectively removed the separation that previously existed between Wall Street investment banks and depository banks."
Republicans on the committee that signed the report are
Tom Coburn, Oklahoma, Ranking Member
Susan Collins, Maine
Scott Brown, Massachusetts
John McCain, Arizona
Rand Paul, Kentucky
Furthermore the claim that CRA, Freddie and Fannie were the primary source and cause of the failure—was fabricated by Peter Wallison an advisor to Ronald Reagan and a "scholar" for the right wing think tank American Enterprise Institute—where Dick Cheney is on the board of Directors along with a pantheon of Financial CEO's—and Wallison who has written a book called "Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks" is hardly an honest broker for that point of view. AEI is littered with conservative capitalist and yet it claims to be unbiased, if you believe that—I have beach front property in Arizona I"ll sell you for a thousand dollars a front foot.
In a rebuttal to that big lie, Mike Simkovic, wrote a well researched paper called
"COMPETITION AND CRISIS IN MORTGAGE SECURITIZATION" in which he states:
"Additional evidence that market forces pushed toward greater risktaking
comes from lobbying activity of mortgage lenders."
"If government pressure were forcing lenders to lend imprudently against their wishes, one would expect the lenders who lobbied most aggressively on issues related to underwriting regulation to receive dispensation that would enable them to have more conservative underwriting practices. However, the opposite
appears to be true—the lenders who lobbied most aggressively had the
riskiest underwriting practices, and generally lobbied against substantive
limits on their ability to take risk."
"This suggests that government regulation was for the most part a restraining force that pushed toward more conservative underwriting." Source COMPETITION AND CRISIS IN MORTGAGE SECURITIZATION Michael Simkovic