Thursday, January 08, 2009

Debunking the Media Myths of the Housing Bubble

Karl Rove: President Bush Tried to Rein In Fan and Fred - WSJ.com: "Mythmaking is in full swing as the Bush administration prepares to leave town. Among the more prominent is the assertion that the housing meltdown resulted from unbridled capitalism under a president opposed to all regulation. Like most myths, this is entertaining but fictional. In reality, Fannie Mae and Freddie Mac were among the principal culprits of the housing crisis, and Mr. Bush wanted to rein them in before things got out of hand. Rather than a failure of capitalism, the housing meltdown shows what's likely to happen when government grants special privileges to favored private entities that facilitate bad actors and lousy practices."

A nice summary and defense of president Bush. For a more detailed outline of the housing mess, read "Why the Mortgage Crisis Happened" in The American Thinker.

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