I regularly read The Consumerist, because it often has useful information about dealing with business and customer service and so forth. But every once in a while, they turn into screeching loonies and show extreme distaste for free market economics.

For example, up today is a “Featured Article” that lays the entire subprime mortgage meltdown at the feet of the repeal of one act of government regulation.

After painting a picture of fat cats uncorking champagne at this repealing (Why shouldn’t they? Their costs just decreased.), the article asks what was this Act and how did it protect us. But it then presents, in order: a vague summary of the Act, handwaving over the economics, and some anecdotal evidence that proves the government corruption.

The best part is the succinct “expression” of the Act: “The basic idea was to keep banks from speculating with the savings that American citizens were entrusting within their vaults.”

Uhh, ‘scuse me, but what the **** are the banks supposed to do with the money? Stick it in a vault and wait for it to reproduce?