Obama’s “logic” on the Mortage Crisis -Ron Pisaturo
Captialism Magazine - March 10, 2009
“So, according to Obama, the guilt of our leaders was that they failed to act. This claim is consistent with Obama’s claim throughout his Presidential campaign that it was deregulation that caused the housing crisis.
The essential cause of the housing crisis was Fannie Mae and Freddie Mac—directed by long-standing welfare-state policy, and in effect using banks as their sales reps—making trillions of dollars in loans (“they own or guarantee roughly half of the nation’s $12 trillion mortgage market” [The New York Times in 2008]) to people who could not afford to buy a home in free society.”