The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

How Fannie and Freddie Screwed Over Taxpayers and Wrecked the Economy

Posted on | July 2, 2011 | 16 Comments

Amazing to see this on PBS:

UPDATE: Linked by The Lonely Conservative and Dan Collins at The Conservatory — thanks! Meanwhile, reviewing Reckless Endangerment at Barron’s, Gene Epstein writes:

It starts at the beginning — in 1991, when Jim Johnson, a political operative and former top aide to Sen. Walter Mondale, took over as Fannie Mae’s CEO. Previously, Fannie had been run as a business; afterward, it was run like a political machine.

George Will also praises the book:

Put on asbestos mittens and pick up “Reckless Endangerment,” the scalding new book by Gretchen Morgenson, a New York Times columnist, and Joshua Rosner, a housing finance expert. They will introduce you to James A. Johnson, an emblem of the administrative state that liberals admire.
The book’s subtitle could be: “Cry ‘Compassion’ and Let Slip the Dogs of Cupidity.” Or: “How James Johnson and Others (Mostly Democrats) Made the Great Recession.”


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