“Only two short years after Wall Street’s fraud and gress brought down the world’s economy, a Beltway think tank is proposing to put taxpayers on the hook for mortgages written and administered by the same corporate miscreants. And that’s the Democratic proposal. The Republicans want to double down on a failed strategy of ‘privatizing’ government mortgage financing, while at the same time cutting back on regulation and oversight
“… If we don’t see stronger proposals then these in the coming months, this will be remembered as … the beginning of the end, the moment when the next wave of privatization began and the way was paved for a collapse that may be even grater than the one we’re
Fannie’s Scandalized, Freddie’s Dead – And The Next Financial Meltdown May Have Already Started
By Richard (RJ) Eskow
Here’s an idea: Let’s give hundreds of billions of dollars in government-backed guarantees to private banks so they can make a fortune writing mortgages without any risk to themselves. Hey, what could go wrong?
The FCIC’s recent report illustrated an important lesson from the economic meltdown: Privatization, not big government, ruined Fannie Mae and Freddie Mac. Running a government program like a private corporation leads to the worst excesses of executive self-indulgence. Fannie and Freddie didn’t bring down the economy, as some have claimed, but they were destroyed by the same privatize-and-deregulate philosophy that led to the crisis.
One Comment to “Mortgage “reform”–if we allow it–could be “the beginning of the end””
“While We Were Sleeping”
Orwell Rolls In His Grave, featuring MCM – Buy the DVD
About News From Underground
News From Underground is a daily e-news service run by Mark Crispin Miller, a Professor of Culture and Communication at NYU. It is based on his belief that academics, like reporters, have a civic obligation to help keep the people well-informed, so that American democracy might finally work.
If you'd like to receive updates delivered to your inbox daily, sign up for News From Underground Alerts:
Help News From Underground!
Message from Mark: "I am a one-man operation, although assisted greatly by some volunteers, and, now and then, by people paid by others for one-time projects. There is no shortage of skilled, dedicated folks out there who want to help me. There is, however, nothing I can pay them with, unless you decide you can contribute something."
Please donate via the PayPal button above or via PayPal by email to: firstname.lastname@example.org
- How Australia plans to keep its vaccinated children safe from illnesses that they can’t catch
- On the mass delusion now afflicting liberals (and putting all of us at risk)
- There’s actually more evidence in Pizzagate than there is in “Russia-gate.”
- NYU is built for WAR! (Who knew?)
- HuffPost ran this strong defense of Bobby Kennedy, Jr.—then took it down just minutes later.
- Contact Lou Dobbs on
- Forbidden Bookshelf on
- Top US spooks see NO “conclusive evidence” of Russian hacking in Election 2016 on
- How blaming Trump’s “election” on the Russians could force Hillary on us after all—and end US democracy for good… on
- Election theft in Michigan and Florida may have been more dramatic than we think… on
- The strange death of Nancy Schaefer (two items)
- There's actually more evidence in Pizzagate than there is in "Russia-gate."
- Forbidden Bookshelf
- Don't buy these products from Koch Industries!
- How NYU squeezes billions from its students—and where that money goes
- Suburban Guerrilla
- The Existentialist Cowboy
- Talking Points Memo
- Cody Lyon
- Thom Hartmann
- Evil GOP Bastards
- Richard Charnin
- Fairness & Accuracy in Reporting
- William Betz
- The International Human Press
- Media Matters
- t r u t h o u t
- Online Journal
- Words of Power
- Citizens for Legitimate Government
- History Unfolding
- Mainstream Baptist
- The Rude Pudit
Need a bigger font size?
- Your link could be here too, contact us for pricing details.