Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (454874)	2/9/2009 12:29:29 PM
From: d[-_-]b	1 Recommendation Read Replies (1) of 1574899

However, the majority of blame lies at the feet of greedy bankers, real estate agents, appraisers, hedge funds etc who encouraged this crap in order to sustain the natural boom conditions If you recall this was supported by both Clinton and Bush admins to keep the economy going and encourage home ownership - aka the ownership society. Their goals, while admirable, leaned on banks to make loans to more risky people by using fanny and freddy to insure the risky loans. What should be learned is the government started the ball rolling, I'm not absolving all the others in the money chain - but government should acknowledge it's role in creating the mess. If they had not offered to insure such risky practices those banks never would have loaned money to those less capable people. I see it as yet another example of unintended consequences when government intervenes with policy goals in the free market. I think fanny and freddy should be sold off and left to live by market rules instead of making rules using government backing.

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