Those banks weren't created by the government to protect people from this exact bullshit.
So they are supposed to increase the cost and decrease the availability of credit in the housing sector?
They don't really control any of that. The Fed does and the market does.
I agree that what they do and what they are intended for are completely different things. That's the issue I have.
I'm not defending the Obama administration in any way, btw.
I don't mean to be overly harsh or whatever. You see a lot of undue blame put on Fannie/Freddie by people who want to blame 'the government' for the crash (in addition to shit like Community Reinvestment Act of 1970 and whatnot).
Fannie and Freddie's hands were dirty due to their involvement in residential mortgage backed securities, but not any more so than the other big banks.
I don't hold them responsible, but I hold them to a higher standard.
That sounds like some leftist revisionist bullshit if I ever heard it.
It is good to carry some powdered rouge in one's sleeve. It may happen that when one is sobering up or waking from sleep, a samurai's complexion may be poor. At such a time it is good to take out and apply some powdered rouge.
Yeah, that's fine. Them being a GSE actually made it impossible for them to get into some of the riskier shit leading up to the crash, but they are no longer a GSE so next bubble it's all in.
Every time I read these articles like Romney's, I see the inequities of a non globalized system. I almost don't care enough about the current situation when we are using a shovel where we need heavy machinery. Unions existed for a reason, but are unsustainable not because of their dramatic decrease in productivity, but because the rest of the world doesn't have the same rules in place. If we are going to trade as a free globalized economy, we need to manufacture under the same standards.
Check out Mr. Businessman
He bought some wild, wild life
On the way to the stock exchange
He got some wild, wild life