Democratic Blame-Machine Should Try a Mirror

Excerpt:  " Opinion Journal column by Charles Calomiris and Peter Wallison documents the role of Congress in creating the current credit crisis. Accounting scandals at Fannie Mae and Freddie Mac surfaced as early as 2003 when Federal Reserve and Congressional Budget Office economists found that, despite their subsidized borrowing rates, Fannie and Freddie had not significantly reduced mortgage interest rates. Instead of making mortgages cheaper for borrowers, they were making excessive profits and thus creating greater risks for the taxpayers, the economy, and mortgage payment-strapped homeowners.

Read More