Any attempt to hold the Gov’t accountable for its role in the subprime meltdown is dismissed as right-wing propaganda. This dismissal is left-wing propaganda. It was the government that initiated securitization as a tool to dispose of RTC assets. Bill Clinton ducks all responsibility, ignoring how his administration imposed arbitrary quotas on any banks looking to merge as Attorney General Janet Reno threatened legal action against lenders whose racial statistics raised her suspicions. Greenspan fueled the rise of subprime derivatives by lowering rates, lowering reserves, and beating down reasonable opposition. And at the center of it all were Fannie and Freddie bribing officials, committing fraud, dominating private-sector competition, and expanding to a six-trillion-dollar debacle. The fact that these facts are dismissed as propaganda shows just how divorced from reality our news has become. Yes, half of all economists are employed by the Gov’t, but this is no reason to flout ones professional responsibility. As a nation, we need to consider all the facts, not just those that are politically expedient. After several years have passes, neither side is telling the truth, so everybody suffers.
Posted on: Sat, 05 Jul 2014 22:42:04 +0000
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