Quote:No one's arguing for a deregulated market, he's creating a false narrative and tearing it down.

 

The Federal Government created the subprime mortgage market with Fannie Mae and Freddie Mack then turned a blind eye to the wild abuse by the investment banks. That's the point people have been making, the whole "we have to make housing affordable for the poor" argument is the reason we had a subprime mortgage to abuse in the first place.

 

You want the hard truth, the hard truth is poor people shouldn't own homes and it's why they didn't own homes prior to federal involvement.

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Many actors obviously played a role in this story. Some of the actors were in the public sector and some of them were in the private sector. But the public sector agencies were acting at behest of the private sector. It’s not as though Congress woke up one morning and thought to itself, “Let’s abolish the Glass-Steagall Act!” Or the SEC spontaneously happened to have the bright idea of relaxing capital requirements on the investment banks. Or the Office of the Comptroller of the Currency of its own accord abruptly had the idea of preempting state laws protecting borrowers. These agencies of government were being strenuously lobbied to do the very things that would benefit the financial sector and their managers and traders. And behind it all, was the drive for short-term profits.