Subprime Suspects
The right blames the credit crisis on poor minority homeowners. This is not merely offensive, but entirely wrong.
The subtext: if only Congress didn't force banks to lend money to poor
minorities, the Dow would be well on its way to 36,000.
At Monday's hearing, Republican Rep. John Mica of Florida gamely
tried to pin Lehman's demise on Fannie and Freddie. After comparing Lehman's small political contributions to Fannie and Freddie's much larger ones, Mica asked Fuld what role Fannie and Freddie's failure played in Lehman's demise.
Fuld's response: "de minimis."
Lending money to poor people doesn't make you poor. Lending money poorly to rich people does.
Shame on you Mica, trying to cover up your own lack of oversight in the Government Reform and Oversight committee!
