(this was published previously in the Macon Telegraph) Being in the middle of a record economic crisis presents a rare learning opportunity. Several books are worthwhile for those seeking to understand what just happened. Too Big to Fail by Andrew
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In several past postings reviewing the recent financial meltdown, I have noted the pivotal role played by Fannie Mae. A toxic mix of arrogance and incompetence infected Wall Street. Bad political, monetary, and tax policy inflated the housing market bubble.
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Are lobbyists that bad? If the government was about to make sheet-rock illegal because of bad or misguided information and you were in the sheet-rock or home-building business, wouldn’t you seek to persuade the lawmakers than their efforts were wrong?
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I watched this interview with Eliot Spitzer by Fareed Zakaria from March of this Year on Zakaria’s show called GPS. I was impressed with Spitzer’s view and his depth on the subject of the economic collapse. (There are two other
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