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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: Ann Corrigan who wrote (46877)9/15/2008 11:47:20 PM
From: LLCF  Read Replies (3) of 224724
 
FNM and FRE have basically been subsidized housing for decades used by BOTH parties including Bushies to promote themselves by sighting "home ownership rates" and the like. BUT... their balance sheets EXPLODED with the advent of the rightwingnutz dogmatic deregulation "mantra" as WS investment banks (worked for one) rushed to STUFF THE TURKEY full of deregulated product which (being PRIVATIZED) FNM had to accept to be "competitive".
Their ultimate demise has been chronicled here on SI for years and years.

The current crisis goes far beyond FNM and enrichment by greedy CEO's and traders making MASSIVE bonus' have been chronicled for decades on WS... there was veritable ecstacy when Phil Gramm rammed through his little "derivative party favor" in the name of deregulation(It'll be interesing to ultimately find out how much crony money was involved in that little dea... no way HE could have written that legislation without help, WAY to esoteric!!).

There is no way to avoid reality: There has been a MASSIVE transfer of wealth to the VERY top in this country at the expense of "bag holders"... pension funds, mutual funds, retirement accounts, etc etc. This has JUST STARTED as funds stuffed full of "toxic paper" start floating to the top of the pond... and I have no doubt that folks will be sifting through a decade or more of "bonus" statements and the like as a "witch hunt" gets under way.

Only, this time,.... there are real witches.

DAK
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