Gretchen Morgenson of the New York Times has an important new book out on the role played by Fannie Mae in the mortgage meltdown, Reckless Endangerment. I hope to review the whole thing shortly, but I wanted to quote from a small section of the book:
Fannie Mae did not limit its outreach to politicians in need of photo ops or community organizers in need of money. The company also enlisted the aid of academics whose resarch papers on housing issues helped shape the policy debate that was so crucial to the preservation of Fannie's status quo. ...
Fannie Mae's financing of academic research on such a large scale meant that few housing experts were left to argue the other side of any debate involving the company. ...
One bank lobbyist was interested in hiring academics to write papers that might take a different point of view on housing issues. But most of the experts in the area had been co-opted by Fannie Mae. "I tried to find academics that would do research on these issues and Fannie had bought off all the academics in housing," the lobbyist said. "I had people say to me are you going to give me stipends for the next 20 years like Fannie will?"
The answer was no. The discussion was over.
That reminds me of why you might wish to send me money: because neither Fannie Mae nor any other big money special interest will. The interpretation of the causes of the mortgage meltdown that I came up with in 2007-2008 isn't the kind of spin that benefits any particular set of big money boys.
It's not necessarily that I'm so incredibly ethical that I would turn down their money. It's that no sensible special interest would try to buy me off.
You can send me an email and I'll send you my P.O. Box address.
If you already asked, please allow me to request that you follow up and put a check in the mail.
Or, you can use Paypal to send me money directly. Use any credit card or your Paypal account. To get started, just click on the orange Paypal "Donate" button on the top of the column to the right.
When that takes you to Paypal, if you want to use your Paypal account, fill in your Paypal ID and password on the lower right of the screen.
Or, if you want to use your credit card, fill in your credit card info on the lower left part of the screen by clicking on the word "Continue" in the lower center/left.
Thanks.
Why does the NYT always have these deep exposes AFTER they pimp whatever the globalist elite want?
ReplyDeleteThe iraq war comes to mind.
Secondly, I imagine most unis these days are simply credentials for hire-
yet you get all these idiot global warming advocates saying 'the science' 'proves' it.
Research/science has become a corrupt religion.
Hey Steve, you're not implying that you could be bought, can you?
ReplyDeleteFannie Mae's buying off of academics reminds me of that Sopranos episode where Carmela wants a divorce and Tony goes to every high-priced lawyer they know first and says, "I may need to hire you if my wife wants a divorce," essentially shutting her out of hiring anyone good.
ReplyDeleteOT.
ReplyDeleteGet a load of this. It's Matt Drudge who is the reason for all the violence by 'youths'.
http://www.salon.com/news/politics/war_room/2011/06/01/drudge_race_panic
Steve,
ReplyDeletere: donations
Even when I go into the Paypal secure website, I get interminably bogged down when I try to send money. What a drag.
This also shows the danger of government financed "thinking". How many areas of academic, scientific, and medical life are now skewed for political reasons?
ReplyDelete@anon 814 amazing liberals are in a complete fantasy world
ReplyDeleteThis also shows the danger of government financed "thinking"
ReplyDeleteIt wasn't 'the government' who initially financed marxists like franz boas and his psuedo research - Richard Dawkins, same case.
You need to be totally unscrupulous and unethical with no morals and then you might get someone like Fannie to pay you to promote their view as the only view and bankrupt the world economy. Good luck!
ReplyDeleteLiberals I have spoken to believe that the crash was due to "deregulation" of the finance biz by conniving Republicans. Those on the right lay it at the door of Fannie Mae, Mac etc., and the Community Reinvestment Act, with at least some responsibility attributed to G. W. Bush.
ReplyDeleteHas anyone, ever, written an analysis of the various causes of this mess(one thing I'm sure of is that there are a number of errors and bad decisions that led to this, like the sinking of the Titanic) without spin ? If so, please cite.
Reasons I don't donate to iSteve:
ReplyDelete-insinuations that I am a lesbian
-insinuations that I've had abortions
-Mark Queerstein
-Ron Unz
-insinuations that I'm too stupid to read AmCon, iSteve and VDare
-being called slutty
-accusations that I want a romantic relationship w/ the person known as Steve Sailer
-insults that as a non-Asian female, I'm no good for anything
-contradictory insults over my worthless self dating outside my race
-the constant attempts to invade my privacy
-throwing any personal info about me in my face as if it signifies anything other than that you guys are weirdo stalkers
-the belief that pandering to me around donation time will override all of the above
-the bizarre implication that Sailer's computer will be repossessed and his fingers broken if we don't send him money
Note how the lobbyist for the wealthy and supposedly all-powerful banking industry was easily outspent by an arm of the government. Keep this in mind when you complain about how Wall Streeters control everything and ask for government to come in and regulate them more.
ReplyDeleteI heard Gretchen Morgenson interviewed on "Fresh Air" the other day. Well worth a listen. The guest host nervously approached the Hispanic aspect of the whole mess, referring to it as "a Republican idea" to which her book seemed to give some credibility.
ReplyDeleteI'm disgusted that Barney Frank seems to have emerged from the cesspool with his political career intact. Even the fact that he got his then-boyfriend a job at Fannie Mae seems to cause little more than raised eyebrows. I guess he has that lavender force field protecting him.
Note how the lobbyist for the wealthy and supposedly all-powerful banking industry was easily outspent by an arm of the government. Keep this in mind when you complain about how Wall Streeters control everything and ask for government to come in and regulate them more.
ReplyDeleteThe money comes from the productive parts of the entire nation. The decision to spend comes from politicians in Wall Street's pocket.
"I'm disgusted that Barney Frank seems to have emerged from the cesspool with his political career intact."
ReplyDeleteRep. Barney Frank was threatening to out known GOP gays at least as far back as 1989. One of his previous lovers was even caught up in a prostitution/blackmail ring. "Lavender force field" indeed.
For the longest time, I thought Fannie May the candy store was into home loans.
ReplyDeleteBut maybe it's fitting. Fannie Mae folks are singing:
ReplyDeletecome on come on to my house, I'm gonna give you candy.
Too many "experts" are for sale in all disciplines!
ReplyDeleteSimon Johnson called this process (on a somewhat larger scale) ideological capture. You don't bribe the decisionmakers, you don't coopt them with jobs or board positions, you convince them that the smartest folks in the room are on their side, and give them lots of excuses and reasons to believe the things you want them to believe.
ReplyDeleteI think this process is very important for understanding the shape of the world.