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Originally Posted by durianfan  ^Whaaaaat?? The media doesn't (and hopefully never will) make policy. If the media is on the other side of any issue, it doesn't matter. Policy makers have an obligation to their parties and their constituents. I seriously doubt that Fanny Mae was doomed simply because the media was on the other side of the issue. |
As the article I put up a link to in US domestic notes, Fannie and Freddie was encouraged and pressured to "get as many people into homes as possible." They were allowed to increase the amount of loans in the subprime market.
This started in the mid 90s, and continues up until now.
It makes you wonder. The people the run the country (politicians) and the people who run these large companies are just not bright people. They were and are myopic.
Stupidity, is part of the reason why this mess in going on.