Friday, June 08, 2012
I was browsing through Krugman’s blog tonight when this:
Good Golly, Miss Molly
Reminded me of this:
Good Golly Miss Molly
If you don’t know about Molly Ivins, you’ve missed one of America’s treasures. You can read everything that I’ve written about her or -- if time is limited -- read just this one.
"What we have here is the same thing that happened after the famous S&L deregulation in the 1980s — privatized profit and socialized risk. You may recall that little adventure in deregulation — the universal panacea according to the right — cost the taxpayers half a trillion dollars.
Fannie and Freddie were created by Congress as private companies to encourage home ownership and — in theory, on paper — the taxpayers aren't responsible if they go bust ... but they're literally too big to fail."
Miss Molly wrote that in 2004. She left us in 2007 -- before Wall Street crashed (again) in 2008.
June 8, 2012