@LTommy256 It got a lot right though. Govt SEC was portrayed as complicit. CRA was a bit player in the actual CDO disaster.
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@i_contemplate_ No, but I've followed this whole housing train wreck in real time since the DotCom bust -
@RudyHavenstein Please do read it. Clinton, Bush, entire HUD, DOJ pushed bad mortgages on banks along with sleazy mortgage operators. -
@i_contemplate_ I agree the government did all sorts of terrible things but the actual atom bombs were created by the private sector -
@RudyHavenstein I disagree, but, regardless, PC only frowns on blaming the government here, not private sector. -
@i_contemplate_ I blame both all the time
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@i_contemplate_@RudyHavenstein the OC Register told the story of the defaults on 1 street in Santa Ana, CRA & end of redlining part of it. -
@FriedrichHayek Very familiar with Santa Ana. Read "The Monster" by Hudson. -
@RudyHavenstein I live in Ladera Ranch, which had more defaults per capita than any other ZIP in America. My street was hit hard. -
@FriedrichHayek I'm not sure what we're disagreeing on. Maybe it's just the primary focus of our anger. -
Peter Wallison at AEI: practices that lead to bust ultimately originated in govt. https://www.aei.org/events/hidden-plain-sight-really-caused-worlds-worst-financial-crisis-happen/ …
@RudyHavenstein@FriedrichHayek -
@Pseudoplotinus@FriedrichHayek AEI I take with a grain of salt. Ratings agencies could've shut this down in 5 minutes, as could've the Fed. -
Take AEI with grain of salt. But consult Wallison's supporting data in book to see validity of his argument.
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@Pseudoplotinus If you want me to say that government was a huge bad actor here, ok. - 2 more replies
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