T Nation

This Should be Required Reading Before Voting


#1

http://www.amazon.com/Reckless-Endangerment-Outsized-Corruption-Armageddon/dp/0805091203/ref=sr_1_1?s=books&ie=UTF8&qid=1307451201&sr=1-1#_

The purpose of no doc, no money down loans wasn't, Heaven forbid, to generate rich fees and high interest rates for mortgage brokers and Wall Street. No, the smarmy defenders of the Great American Rip-off told us, those features were necessary to make sure that poor people (so cruelly, unfairly locked out of mortgages because they didn't qualify for the stuffy old-fashioned kind) could participate in the American Dream. Anybody who opposed Jim Johnson's get rich scheme was a racist who hated the poor. Political correctness married Wall Street chicanery as Maxine Waters, Chris Dodd and Barney Frank led the band; crooked accountants and clueless rating agencies performed the ceremony; big government dowered the couple with a debt guarantee and bankers dressed as flower girls showered the happy pair in a confetti of junk mortgages and junk bonds.