Mozilo of Countrywide and his board member Henry Cisneros (Clinton Cabinet secretary) campaigned long and hard to persuade regulators that CW's shoddy down payment and documentation standards were actually Fighting Racism By Closing Homeownership Gap: https://vdare.com/articles/countrywide-s-angelo-mozilo-he-warned-us-but-washington-didn-t-want-to-know …https://twitter.com/mtaibbi/status/1040742820385050624 …
Republicans like Bush & Rove used political correctness and the Fight Against Racial Inequality to cut traditional regulation of mortgage lending. Bush in 2002-2004 said old downpayment and documentation requirements keep Hispanics and blacks from getting enough mortgages.
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Fannie Mae and Freddie Mac inflate bubbles by rewarding malinvestment, the Federal Reserve buying mortgage backed securities almost guarantees housing will be a part of the next bubble
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“Malinvestment.” So you’re an Austrian. The only Malinvestment is the time youve wasted reading Peter Schiff screeds.
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Are some investments wise and some unwise? Or is Keynes correct that as long as velocity is high wise or unwise is immaterial? (alien invasion defense force, digging ditches with spoons, Tarp)?
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It’s really amusing to me that you think you can use Twitter to convince people about your superstitions (whoops I meant economics), when you are too chickenshit to even use your actual name. Good luck with hyperinflation, let me know how it pans out. Any day now, right?
- End of conversation
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