Life is a computer game to BBC news - Halo effect on the news. David Brooks Rewrites the History of the Financial Crisis -- Blames Middle Class Homeowners. Yesterday, David Brooks, the non-threatening, New York Times-friendly conservative, pushe one of the most pernicious lies out there. The Fannie Mae scandal is the most important political scandal since Watergate. It helped sink the American economy. It has cost taxpayers about $153 billion, so far. It indicts patterns of behavior that are considered normal and respectable in Washington.The Fannie Mae scandal has gotten relatively little media attention because many of the participants are still powerful, admired and well connected. Fannie, a for-profit company, acted irresponsibly because it was seeking big profits just like other financial institutions. There's a small problem in this story. Last year, we published an excerpt from my book --"Conservatives Push Absurd Lie that Wall Street Hustlers Were Innocent Victims ... of Poor People.
" Jeb Hensarling, a notably obtuse Republican back-bencher from Texas, wrote that “the conservative case is simple”:
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