George Will’s column today offers much wisdom — and this important emphasis of the historical record:
But in 1995, Fannie Mae, attempting to ingratiate itself with
conservatives, approached Cato with cash, thereby proving that it
understands libertarianism no better than it understands subprime
mortgages. When [Cato Institute President Ed] Crane responded that Cato never accepts government
funding, he received a starchy letter from Fannie Mae hotly denying
that it was in any way a government entity.
Relatedly, Cato’s Jim Dorn’s essay on the mortgage meltdown is very good.
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Who foretold the subprime fiasco nine years ago? None other than the NY Times!
http://tinyurl.com/4zjoc4
The "Crystal Ball" award goes to this quote:
''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''
Why does the NYT get credit for Peter Wallison's insight?
I agree with most of George Will's article. Again not one word opposing the historic bail out of the crooks by main street. Not one word suggesting that it is unethical and unnecessary. Disappointed.