Tim Geithner Covers for Corruption on Pennsylvania Avenue

March 19, 2012 06:34

The arrogance of power revealed by your selective memory and political spin, and the expansive regulatory regime you support are now the primary source of systemic risk to the US financial system and the economic security of the American people. – Daily Reckoning


By Charles Kadlec at The Daily Reckoning


… your essay glosses over the central role the federal government played in creating the crisis. …. Fannie Mae and Freddie Mac directed $5.2 trillion (that is trillion with a “t”) of capital to increase the supply of mortgages. … passed a law that required banks to make billions of dollars in loans to individuals that were unlikely to pay off the loans, in the end with 0% down.




… Dodd-Frank bill — [ ] named after two of the perpetrators of the financial crisis — omits any reform of Fannie Mae and Freddie Mac. …. have cost taxpayers more than $140 billion and are seeking billions more … HUD is moving forward on issuing new rules that would support racial quotas for bank mortgages, … will again force banks to make loans to individuals who cannot afford them.






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