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The Spectacle Blog
At his blog Via Meadia, Walter Russell Mead suggests that Gretchen Morgenson and Joshua Rosner’s new book on the financial crisis, Reckless Endangerment, could…end the Democratic Party as we know it:
If Morgenstern [sic] and Rosner are to be believed, the American dream didn’t die of old age; it was murdered and most of the fingerprints on the corpse come from Democratic insiders. Democratic power brokers stoked the housing bubble and turned a blind eye to the increasingly rampant corruption and incompetence at Fannie Mae and the associated predatory lenders who sheltered under its umbrella; core Democratic ideas may well be at fault.
This is catnip to Republicans, arsenic to Dems. If Morgenson and Rosner are right, there is someone the American people can blame for our current economic woes and it is exactly the cast of characters that a lot of Americans love to hate. Big government, affirmative action and influence peddling among Democratic insiders came within inches of smashing the US economy.
Read the whole thing.
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More Blog Posts by Joseph Lawler
http://spectator.org/blog/2011/06/08/walter-russell-mead-on-reckles
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W| 6.8.11 @ 3:38PM
Bawny Frank, Chris Dodd, Obama, both Clintons,and the lackeys they appointed to Fannie and Freddy such as Rahm,Jaimie Gorelick, etc.
Gary Anderson | 7.25.11 @ 1:21AM
Reckless Endangerment sounds like Reckless Stupidity on the part of the authors. Fannie and Freddie were just an opening act for the private MBS that ran wild with the real bubble, starting in mid 2003. Both parties allowed the shadow banking system to do this. The CRA made less than 30 percent of the subprime toxic loans. The Shadow banks made way more and they used bogus AAA ratings to pawn off CDO's with the help of both Tim Geithner and Henry Paulson the world over. And the Republicans want the next housing bubble with big tax cuts for the rich with Ryan plan.