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"Idiots and Liars"

By Anonymous

Barry Ritholtz lays down the law on the Fannie/Freddie/CRA line:

Those who continue to blame the CRA, Fannie Mae, etc. reveal their fundamental misunderstanding of how credit operates in general, what the financing process was like from 2002-07, and how this situation came to pass. Or worse, they understand it, and choose to lie about it anyway for partisan political purposes.

You either understand these simple facts, or you don't. If you cannot comprehend this, you are a low functioning moron. If you understand it, but spit out nonsense anyway, you are a liar.

And those are the only people blaming the CRA or Fannie/Freddie for the credit/housing crisis -- idiots and liars . . .

Preach it, Barry.

Full post as published by Economics of Contempt on October 14, 2008 (boomark / email).