As if there were ever any doubt that the worst banks on the block were the two run by Barney Frank and Chris Dodd, CBO now confirms that rescuing Fannie and Freddie will cost taxpayers at least $389 billion.
Of course lots of the money spent on the twins indirectly goes to bailing out the other [...]
For Gretchen Morgenson to come right out and say, at length and in detail, that the current approach to financial reform is mostly a reaffirmation of the status quo is a huge development. Morgenson is respected by everyone (she is also the single-most-quoted source in PANIC). It will be very hard to represent opposition to [...]
PANIC coauthor Richard Vigilante talked to Fox Business:
The whitewash of Fannie Mae and Freddie Mac has to be numbered among the most successful spin operations of our time. Within days of the market collapse in September ‘08, both Senator Dodd and Representative Frank were marching stooges up to Capitol Hill to testify that Fannie and Freddie—virtually run by the congressional committees chaired [...]
