June 15, 2011
On the government's role in the subprime loan fiasco.
It was a giant scam, rooted in, on the surface, "social justice", "fairness", "everybody should have a home". The American Dream. And underneath the surface, it was get-rich-quick for people that worked at Fannie Mae, to an extent Freddie Mac, and people that worked on Wall Street... these people walking in, to get a loan... wouldn't have walked in the door in the first place if the government hadn't wanted them in there. Remember the government was demanding that lending institutions loan money to people who were not qualified... the government wanted people in there borrowing money, and they didn't care if they lied (on the loan applications).