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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: FJB who wrote (111881)9/2/2011 10:53:44 PM
From: joefromspringfield3 Recommendations  Read Replies (5) of 224748
 
"The government on Friday sued 17 financial firms, including the largest U.S. banks, for selling Fannie Mae and Freddie Mac billions of dollars worth of mortgage-backed securities that turned toxic when the housing market collapsed."

Now let me see if I understand this. The government passes the community reinvestment act and pressures banks to make sub prime loans to people who normally would not qualify for loans. The banks realize that the loans are high risk so they sell them to this quasi government organization. Surprise, surprise the people who got the loans default. Now the government sues the banks for making bad loans that they would have never made in the first place had the government not force them into it. Does that explain it?

Ronald Reagan was right. Government can't solve the problem because government is the problem.
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