Every good conservative knows that Barney Frank did it single handedly!

You're not suggesting that Fonnie and Fraudie aren't extensions of the government's guaranty of mortgages are you? The taxpayers are on the hook for hundreds of billions, as opposed to private companies who could fail and the investors be on the hook for all this money.

Sure, there are lots of bad guys in this mess, but government is right at the top for getting into something they had no business being in and then turning a blind eye while the ponzi scheme grew to the point of taking down the entire economy.

And, if there is criminality associated with taking down the entire economy, where are the indictments and perp walks?

Here I thought it was this: the chicken came first.

Anyone who read Too Big to Fail would see Wallison's argument is complete and utter bullshit. Fannie and Freddie certainly didn't help, but the cause was right there on Wall Street. Even many of the execs during the bubble couldn't believe how much money they were raking in. But like the Romans partying til the dropped, they just figured all the barbarians were too stupid to ever get in.

Monty wrote:

Sure, there are lots of bad guys in this mess, but government is right at the top for getting into something they had no business being in and then turning a blind eye while the ponzi scheme grew to the point of taking down the entire economy.

And, if there is criminality associated with taking down the entire economy, where are the indictments and perp walks?

Great question. Problem is, the POLITICIANS along with some Wall St. cronies are THE problem. Just ask Countrywide Home Mortgages' favorite Senator, Chris Dodd (D)CT.

Mark Evans