Quote:
Originally Posted by Libertine
No, you don't.
If you did, you'd have read the comments right below the article you linked. Or you'd have performed a quick Google search. Or you would have taken a look at Wikipedia.
Fannie Mae and Freddie Mac certainly did not cause the crisis, but they did contribute to it. If you want to know why, don't waste our time by asking us to explain it to you. Read the readily available sources I just mentioned instead.
|
Ummm, go fuck yourself.
I know what Fannie and Freddie did, and NONE of their assets/mortgages/paper are what the Treasury will be buying with the new $700 billion credit card it just got.
Fannie and Freddie's paper is already guaranteed by the government, therefore it's value is intact and doesn't affect any banking institution's balance sheet in an adverse fashion.
So again, please explain to me (if you are able) how it's Fannie and Freddie that are somehow responsible for the current credit crisis when their loans aren't the ones that the banks can't unload.
You can google all you want, but unless you're willing to accept right wing blogs and such as legitimate sources, you can't find the connection.
The point of this thread was to point out that blaming Fannie and Freddie, and by extension the democrats, and by extension trying to exonerate McCain because he jumped onto a bill to impose stricter regulations on Fannie (a year after the bill was written) is nothing but right wing rhetoric and is not based in fact.
If you can point me to FACTS that support the assertion that Fannie and Freddie and government policies toward mortgages are what led to this crisis, rather than deregulation of the banking sector which led to creations such as collateralized debt obligations and credit default swaps, then I would be more than happy to read them.