“I think this is a bigger financial crisis…Instead of nationalizing an industry like the S&L industry, we’ve effectively nationalized the mortgage market.”
Notable and Quotable
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Interesting that this move to largely nationalize the mortgage market essentially reverses what Andrew Jackson accomplished when he killed the Bank of the US. I wonder when a populist politician will see as clearly as Jackson that this is not a proper role for the federal government (or any republican government at any level).
Congress backed the executive into a corner on this one. Congress passed the laws that allowed (or forced) the S&Ls;to make the loans that they did (and then insure the loans against loss).
We voters once again got just the government that we voted for. Will we ever learn?
I doubt it. We’ve been doing it for 70 years now.
Don