A House of Cards on Solid Ground

From thestreet.com 9/29/08

I have watched, listened to and spoken to more senators and representatives in the last two weeks than I care to. The fact that they are all willing to get on TV and tell us why they think we desperately need a $700 billion bailout, or why we need it somewhat, or why the plan is ridiculous tells me that they know less than you or me.
The way I understand this is that the loose lending practices over the better part of the last 20 years or so is the foundation for a disastrous house of cards. Congress, the Fed and various administrations' acceptance of the "affordable housing" push was the first floor. There is plenty of blame to go around, but without this basic premise, the subprime lending boom-turned-explosion couldn't have taken place. Fannie (FNM Quote - Cramer on FNM - Stock Picks) and Freddie (FRE Quote - Cramer on FRE - Stock Picks) were encouraged to lend more and therefore generate more fees. ....
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