but Roubini has appeared on FAUX News, so it's worth quoting.
Paul Krugman and Robin Wells review a few books on the Great Recession in the NYRB and cite "Dr. Doom":
Roubini and Mihm, by contrast, get it right:The huge growth in the subprime market was primarily underwritten not by Fannie Mae and Freddie Mac but by private mortgage lenders like Countrywide. Moreover, the Community Reinvestment Act long predates the housing bubble…. Overblown claims that Fannie Mae and Freddie Mac single-handedly caused the subprime crisis are just plain wrong.
Krugman and Wells add:
Meanwhile, few of the institutions engaged in subprime lending—such as Countrywide Financial—were commercial banks subject to the Community Reinvestment Act.
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Some of these fools confuse finance capitalism run wild with a healthier state capitalism. Merge this naeivete' with an understandable opposition to affirmative action and you get
continuing UNCONSERVATIVE plutocrat eltist control of the government.
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