So, Who and What cost us $700 Billion?
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As I write, the House Republican leadership is calling on its troops to support the Bailout Bill. So maybe the GOP House group’s bright shining moment of courage, which so excited the respect of Peter Brimelow and James Pinkerton, is fading away.

But, as Pinkerton said, it is strange to find the Congressional Democrats so firmly behind a Wall Street relief measure.

Anyway, it seems timely to look once again at what got the country into this mess. Recently traffic has become heavy on

The Mortgage Monsters Meet The Immigration Invasion. They Like Each Other. By Thomas Allen March 31 2004.

This is a fine, highly relevant essay which I must admit I had forgotten.

Federal Reserve Chairman Alan Greenspan recently acknowledged…Fannie Mae and Freddie Mac… are expanding because of an "implicit subsidy" at a "pace beyond that consistent with systematic safety.”...

In other words, federal policy has created a massive financial distortion–and an interest group, Fannie and Freddie’s shareholders and employees, are in favor of that distortion continuing.

What Peter Brimelow has called the Mortgage Monsters have become financial Frankensteins.

And the Mortgage Monsters are allying with another interest group: the immigrant lobby. Immigration is one of the main engines of growth for the giant mortgage lending institutions. And few companies have more openly tied their fortunes to immigration than Fannie Mae and Freddie Mac…

Does any foresee the Congressional Democrats, fresh from rescuing their friends, holding hearings to find out why those who raised warnings were ignored?

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