Wouldn't you think the quiche loving surrender monkeys would worry about their own country? Fannie Mae collapsed while the democrat chairperson of the House Financial committee, which had oversight responsibility for Fannie Mae, told Americans that Fannie was doing fine. What was he thinking? Democrats gave permission for Bush to use boots on the ground in Iraq and then they undermined the mission for the next six years. One thing Americans don't need is advice from foreign socialist anarchists.
Everyone was trying to avert another Pub disaster at that point, DUMBASS. All the damage was caused by PUBS 2002-6....oh alright, dupe...
Fanniegate: Gamechanger For The GOP? | Via Meadia
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 government’s 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, it’s not remotely supported by facts.
Morgenson finds it ironic that “Washington’s 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 Morgenson’s 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 doesn’t mention her — Gretchen Morgenson herself.
The Times evidently has a policy against speaking ill of one’s co-workers, as demonstrated by Paul Krugman’s 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.
The dupes have a whole BULLSHYTTE alternate universe...
