That's a hilarious article. My favorite line from it: " In 2005, 2006 and 2007, a blizzard of terrible mortgage paper fluttered out of the Fannie and Freddie clouds, burying many of our oldest and most venerable institutions. Without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed."
Awww...poor giant multi-national banking and investment houses. They wouldn't have bought those CDS's if they weren't forced to! My heart disease is all the fault of McDonalds, I would never have super-sized the fries if I knew that calories made you fat! And yeah, that bill failed because of the mean minority! They signaled that it was a partisan issue and we all know that the majority is the victim in the Senate. Listen, I'm totally willing to believe that corporate interests got Democrats to oppose reform in the banking/mortgage industry. Just like I'm totally willing to believe that corporate interests got the Republicans on board too. But trying to blame the entire fiasco on a single bill that didn't make it out of committee and blame it on a minority party, that's just absurd. There is plenty of blame to go around on this issue and the cause and effect routine goes back much farther than 2005 (Hi Phil Graham!). Papers coming out of the AEI aren't worth lining the bird cage with. Judah On Mon, Sep 22, 2008 at 10:53 AM, Robert Munn <[EMAIL PROTECTED]> wrote: > People are figuring out what went wrong, and - surprise! - it started > with Fannie and Freddie not getting more oversight back in 2005. > > http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0 > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;203748912;27390454;j Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:270441 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
