Amazingly, the Pub Propaganda machine is so powerful this is mainstream...
The Big Lie, in a nutshell, is that the 2008 financial crisis was caused not by Wall Streets shady lending practices or exotic (and ultimately worthless) financial instruments but by Fannie Mae and Freddie Mac, which were forced by the governments expansive housing policy to make riskier and riskier loans. Because it conveniently lays the blame for the recession at the feet of the government, the Big Lie is a conservative favorite. The problem is, its not remotely supported by facts.
Morgenson finds it ironic that Washingtons push to increase homeownership opened the door for companies to sell poisonous and tricky loans that have now imperiled many of the most vulnerable, yet private lenders were the ones to pioneer these poisonous loans, and made more of them than Fannie or Freddie ever did.
Joe Nocera, a colleague of Morgensons at the Times who got his start as a business reporter, summed it up quite nicely on Dec. 23 when he stated that conservative scholar Peter Wallison almost single-handedly created the myth that Fannie Mae and Freddie Mac caused the financial crisis. Almost, because Wallison had a passel of partners in crime, including the Wall Street Journal editorial page, Congressional Republicans looking for any excuse to attack Fannie and Freddie, and though he doesnt mention her Gretchen Morgenson herself.
The Times evidently has a policy against speaking ill of ones co-workers, as demonstrated by Paul Krugmans wink-wink-nod criticism of David Brooks economic ignorance (as some pundits have said . . . .), but Morgenson and her bestselling book Reckless Endangerment are pretty hard to overlook. Reckless Endangerment is the Big Lie writ large 352 pages large and has been parroted as gospel by the news media despite an overwhelming consensus by mainstream economists that federal housing policy had almost nothing to do with the financial crisis.
freddie mac « . . . So Well Read. . .
The Big Lie, in a nutshell, is that the 2008 financial crisis was caused not by
Wall Street's shady lending practices or exotic (and ultimately worthless) financial
instruments but by Fannie Mae and Freddie Mac, which were forced by the ... Her
views would not be out of place at the Wall Street Journal or Forbes magazine, ...
sowellread.wordpress.com/tag/freddie-mac/ - Cached
The Big Lie, in a nutshell, is that the 2008 financial crisis was caused not by Wall Streets shady lending practices or exotic (and ultimately worthless) financial instruments but by Fannie Mae and Freddie Mac, which were forced by the governments expansive housing policy to make riskier and riskier loans. Because it conveniently lays the blame for the recession at the feet of the government, the Big Lie is a conservative favorite. The problem is, its not remotely supported by facts.
Morgenson finds it ironic that Washingtons push to increase homeownership opened the door for companies to sell poisonous and tricky loans that have now imperiled many of the most vulnerable, yet private lenders were the ones to pioneer these poisonous loans, and made more of them than Fannie or Freddie ever did.
Joe Nocera, a colleague of Morgensons at the Times who got his start as a business reporter, summed it up quite nicely on Dec. 23 when he stated that conservative scholar Peter Wallison almost single-handedly created the myth that Fannie Mae and Freddie Mac caused the financial crisis. Almost, because Wallison had a passel of partners in crime, including the Wall Street Journal editorial page, Congressional Republicans looking for any excuse to attack Fannie and Freddie, and though he doesnt mention her Gretchen Morgenson herself.
The Times evidently has a policy against speaking ill of ones co-workers, as demonstrated by Paul Krugmans wink-wink-nod criticism of David Brooks economic ignorance (as some pundits have said . . . .), but Morgenson and her bestselling book Reckless Endangerment are pretty hard to overlook. Reckless Endangerment is the Big Lie writ large 352 pages large and has been parroted as gospel by the news media despite an overwhelming consensus by mainstream economists that federal housing policy had almost nothing to do with the financial crisis.
freddie mac « . . . So Well Read. . .
The Big Lie, in a nutshell, is that the 2008 financial crisis was caused not by
Wall Street's shady lending practices or exotic (and ultimately worthless) financial
instruments but by Fannie Mae and Freddie Mac, which were forced by the ... Her
views would not be out of place at the Wall Street Journal or Forbes magazine, ...
sowellread.wordpress.com/tag/freddie-mac/ - Cached
