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The Housing Bubble and the Limits of Human Knowledge

By Patrick   2013 Mar 3, 10:19am   544 views   1 comment   watch (0)   quote      

http://www.american.com/archive/2013/february/the-housing-bubble-and-the-limits-of-human-knowledge

The government rushed in to rescue Fannie and Freddie’s creditors with $187 billion of taxpayers’ money, to bring their capital up to zero: this means that ordinary Americans are being taxed so that foreign and domestic bondholders get back every penny they lent Fannie and Freddie. The reality of the government guaranty of the debt of these “government-sponsored enterprises” (GSE) has thereby been unambiguously demonstrated. Senior government officials previously denied that the government was on the hook for Fannie and Freddie (presumably thinking that their denial would never be tested by events — a bad theory).

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1   mondoqt     2013 Mar 4, 1:51am  ↑ like (1)   ↓ dislike   quote    

An impressive litany of wishful thinking and stupidity from our leaders. Many of whom still hold power. A bunch of randomly selected chimps would serve us better. One of them might eventually type out a novel...

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