I think this sums it up nicely:

All the banter about Fannie and Freddie is interesting but no one seems to be asking: how did the people in a democratic republic, the world’s largest economy, host to the world’s reserve currency, the only remaining super power, let their economy become solely dependent on the ability to process and reprocess debt on homes? How did we let our government legislate into being, through the GSE’s, the largest Ponzi scheme ever?

Check out the entire, excellent post: http://www.oftwominds.com/blogjuly08/alcoholic-US7-08.html

This entry was posted on Tuesday, July 15th, 2008 at 6:12 pm and is filed under Finance, MSM, Miscellaneous, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.