Michael Perelman wrote: > James Grant is a knowledgeable student of the credit system, but today he > goes off the rails, blaming the left wing for the credit crisis. Here is > the most striking passage: > > "By and by, the lefties carried the day. They got their > government-controlled money (the Federal Reserve opened for business in > 1914), and their government-directed credit (Fannie Mae and the Federal > Home Loan Banks were creatures of Great Depression No. 2; Freddie Mac came > along in 1970). In 1971, they got their pure paper dollar. So today, the > Fed can print all the dollars it deems expedient and the unwell federal > mortgage giants, Fannie Mae and Freddie Mac, combine for $1.5 trillion in > on-balance sheet mortgage assets and dominate the business of mortgage > origination (in the fourth quarter of last year, private lenders garnered > all of a 19% market share)."
if you define "lefty" in a politically expedient way (e.g., statism) then this story almost makes sense. but he seems to use the term to mean "anyone who advocates stuff I don't like." -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
