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While many of the members of OWS are loons, they do have some good points. Why are they not protesting Fannie and Freddie, two of the worst examples of irresponsibility and greed in the country?
Fannie and Freddie are a complex problem, because getting rid of them would destroy housing prices. The GSE's benefit the 1%, but they also facilitate the housing wealth of average older Americans.
Now, personally, I'd love to see housing prices fall dramatically. In fact I've been waiting on it for quite some time.
But from the perspective of your typical American, eliminating Fannie and Freddie would be eliminating the link that many average Americans have to the printing presses (borrowing money for houses). In theory this might be a good thing, but you have to remember that banks have other ways of printing money besides mortgage loans. This would hurt American households worse than it would hurt banks.
Fannie and Freddie are a complex problem, because getting rid of them would destroy housing prices. The GSE's benefit the 1%, but they also facilitate the housing wealth of average older Americans.
Now, personally, I'd love to see housing prices fall dramatically. In fact I've been waiting on it for quite some time.
But from the perspective of your typical American, eliminating Fannie and Freddie would be eliminating the link that many average Americans have to the printing presses. In theory this might be a good thing, but in practice, this would exacerbate the gap between the financial industry and the rest of us, because banks have alternative ways of accessing the printing press.
fannie and freddie and the HUD are the biggest part of th4 problem...they are the ones who caused this housing bubble/bust along with the fed
While many of the members of OWS are loons, they do have some good points. Why are they not protesting Fannie and Freddie, two of the worst examples of irresponsibility and greed in the country?
Not only that, but the Fannie and Freddie execs just got $12 Million in bonuses compliments of the taxpayer. And, the CEO makes double what our POTUS earns.
It's obvious (to me) that the OWS crowd doesn't want to go after liberal backed institutions. They are useful idiots for the dems.
fannie and freddie and the HUD are the biggest part of th4 problem...they are the ones who caused this housing bubble/bust along with the fed
No, they didn't cause the housing bubble. They were victims of the housing bubble.
And since "they" (Fannie/Freddie owners) are basically "us" (the taxpayer), by extension, we are also victims.
If we are scrapping the entire financial system, then sure, scrap Fannie and Freddie in the process and start over.
If we are just making limp-wristed incremental tweaks and adjustments to the existing financial system and its regulations, then Fannie and Freddie are the wrong target.
Not stupid, just not fully informed, but neither is the average American . Do you think the average American is stupid?
They are stupid because they THINK they are fully informed when they clearly aren't. If that's not stupid then I don't know what is. Being smart and intelligent involves knowing what you DON'T know. Yes I do think the average American is dumb as a box of rocks when it comes to this stuff.
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