Saturday, June 04, 2011

Fannie and Freddie Frauds finally explored

Several years ago I posted on a soccer messageboard what I thought was the primary reason for the financial mess. It's all gone because someone supposedly hacked the site and the admin just wiped it out.
That was the CRA of 1999.

Funny thing is that most people using their common sense KNOW that government 'fair housing' programs incited the banking houses to get creative with those junk futures instruments. But in that thread all I got for rebuttal was mealy-mouth party memes.

But you'll get howls anytime you try to point fingers at exactly WHO was responsible. Because people will not admit that their political heroes would screw something up so badly. So far, the only politico I'm aware of who's come close is Bill Clinton. He said perhaps 'we went a little overboard'. I'll say! Before that you never heard all those mortgage brokers advertise 'no money down, up to 100% financing'.

Well someone has finally written a book on it and because of their credentials maybe someone will actually LOOK at Barney Frank, Chris Dodd and their role in the bust.

Volokh has thoughts and the link to the book:
A Book Length Account of Fannie and Freddie and Their Role in the Financial Crisis

Looks interesting. Maybe we'll get some justice in knowledge rather than just blaming the banks.