What They Said About Fan and Fred

06 Oct 2008

What They Said About Fan and Fred

This compilation was in the Wall Street Journal on October 2. It sat on my counter for a few days, as I couldn’t work up the effort to actually see just how dumb some of these politicians’ confident statements about the mortgage giants were.

I’ve finally read the compilation, and it’s worth it. My favorite example:

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Rep. Frank: Let me ask [George] Gould and [Franklin] Raines on behalf of Freddie Mac and Fannie Mae, do you feel that over the past years you have been substantially under-regulated?

Mr. Raines?

Mr. Raines: No, sir.

Mr. Frank: Mr. Gould?

Mr. Gould: No, sir. . . .

Mr. Frank: OK. Then I am not entirely sure why we are here. . . .