Joe Nocera gives some push back on a favorite Bagger Lie:
The Big Lie
By JOE NOCERA
Published: December 23, 2011
NY Times
Thus has Peter Wallison, a resident scholar at the American Enterprise Institute, and a former member of the Financial Crisis Inquiry Commission, almost single-handedly created the myth that Fannie Mae and Freddie Mac caused the financial crisis. and His partner in crime is another A.E.I. scholar, Edward Pinto, who a very long time ago was Fannie’s chief credit officer.
Paul Krugman gives Nocera some love and Barry Ritholtz notes that the Pinto/Wallison Big Lie is finally getting debunked in mainstream outlets. Kevin Drum has some nice links to real facts about Fannie, Freddie and the Great Recession and Rortybomb has a graph I've been looking for which is originally from this July 2011 report by David Min.
Even using the bogus criteria of Pinto/Wallison, Fannie & Freddie still did MUCH better than private lenders.
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