Nov 20, 2008

Kevin Duffy on the lesson of the collapses of Fannie Mae and Freddie Mac

Isn't it that business and politics don't mix? You'll always have the schemers and dreamers. The dreamers promoted "home ownership" for the less fortunate and built political careers in the process, while the schemers - political capitalists like Angelo Mozilo - figured out how to game the system... until it fell in on them. And the media dreamers looked the other way.

~ Kevin Duffy, Bearing Asset Management, November 20, 2008

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