Thursday, November 03, 2011

Dialog With The 99%

The New American has some thoughts on the OWS (is that like multiple owies?).
Wall Street drank the alcohol that the Federal Reserve poured. If there was no Fed pouring the alcohol, if Fannie and Freddie weren’t guaranteeing all these mortgages, Wall Street wouldn’t have originated them. So it was Wall Street working with government, but the source of the problem was the government. Government started it. That’s how come when I was warning about the crisis back in 2004-2005, begging the Fed to raise interest rates, trying to get Fannie and Freddie out of the mortgage guarantee business, nobody wanted to listen to me.
Read the whole thing. And watch the video.

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