Read the entire story at the link to hear yet again how the Feds caused the sub-prime mortgage mess...and of course NOW they want US to pay for their crime by incurring $700 billion of debt, not to cure the problem, but to pay off the crooks! This is the same story that Eliot Spitzer wrote about just before he got outed.
Nicholas Bagley: The federal role in subprime mortgage messs
By Nicholas Bagley -
Published 12:00 am PST Monday, January 28, 2008
As the federal government scurries to prevent the subprime mortgage crisis from sending the economy into a deep recession, people are asking why it waited so long to intervene. But, in fact, a few years ago an obscure federal agency torpedoed legislation from a handful of states that would have made institutional investors far more chary of buying mortgages that were likely to fail. If the legislation had been permitted to take effect, the crisis we now face would probably look a lot less grim.
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