Congress’ Financial Mess
I know we’ve been over this but Walter E. Williams at Townhall.com has stated it very succinctly again and it is worth repeating because the media and politicians are still trying to blame the financial meltdown on deregulation and free markets. Nothing could be further from the truth.
The money quote:
One-third of the $15 trillion of mortgages in existence in 2008 are owned, or securitized by Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Housing and the Veterans Administration.
Wall Street buyers of repackaged loans didn’t mind buying risky paper because they assumed that they would be guaranteed by the federal government: read bailout from the taxpayers.
Today’s housing mess can be laid directly at the feet of Congress and the White House.
Click through and read the whole thing, Mr Williams is brilliant as usual.
Walter E. Williams : Congress’ Financial Mess – Townhall.com
Comments
No Comments
My Songs
