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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Little Joe who wrote (60785)	3/9/2009 1:25:04 PM
From: SGJ	1 Recommendation Respond to of 224729

The fed is setup b act of congress and the government appoints the chairman and members of the board. The Fed is hired by the Treasury in a sense. So they are agents of the government. So I think my central argument that the government is primarily responsible for this mess is correct. The government took advantage of the cheap money offered by the Fed. Through arms length dealings with Fannie and Freddie, CRA could then be implemented to the fullest. The products (CMO's RMBS's, risk insurance vehicles) could then be invented to sink the cheap dollars into.