Smoking Gun Government Memorandum Shows Who Caused the Subprime Mortgage Crisis
Yesterday, October 31, 2011, an Investor’s Business Daily editorial on this Government Policy Statement directed to banks and other lending institutions on March 17, 1994 shows that it was misguided U.S. Government policy that is responsible for the Subprime Mortgage crisis of 2007-2008 which lead to the housing bubble and the subsequent melt down of housing prices and finally to TARP and the bank bailouts. It was not the fault of Wall Street and it was not the “predatory” lending practices of the banks (although it was the subprime lending practices that the Government forced on the banks).
Well, well, who knew?
Oh, yeah. I forgot. Anyone who regularly reads blogs, including this one, knew. They knew because the meat of the matter was explained here beginning on December 30, 2009 with The Looming Fannie and Freddie Scandal.
Regular posts followed:
May 28, 2011 — Assigning Blame for the 2007-2008 Economic Meltdown
June 16, 2011 — How Iceland Wins the Bank Bailout Scheme — By Default
August 13, 2011 — Inside the Doomsday Machine
Each one of those posts contain links to other sources.
There’s plenty more in dozens or hundreds of other blogs. But nothing, of course, in the state-run, drive-by, legacy media. Nothing on CNN, MSNBC or Fox News. Nothing on the old network newscasts. Nothing on your nightly local news. Nothing in the New York Times or the Washington Post. Nothing in Time or Newsweek. If you get your information from those sources…well if that’s you, then you aren’t reading this now. I guess this news, if it’s finally reported by any of those sources, will come as a surprise to you, you who aren’t reading this, or anything else where you’d find it on your own. The good news is that more and more of you are leaving the old media as your news source every day because you’re finding out that pretty soon you won’t have clue what is going in the world if you stick with them.
This post can be now be cut short because blog readers already know most if not all of the story. For anyone who has not already read the IBD editorial, the government’s policy statement and the IBD editorial will be gooding reading to confirm what they already know and fill in the details.