Center-left intellectuals in America apparently have a serious problem comprehending the concept of Bullshit.
The entire econ world has borne witness to Paul Krugman tearing out his hair over Zombie Lies. Now, Mark Zandi devotes some several thousands words to overturning the nonsense notion that 70 year old US Government Sponsored Enterprises sparked a 21st century global boom in raw material and land prices during a time in which their influence on the international credit markets was approaching a multi-decade low.
Getting history right for this dark economic period is critical if we are to design a better mortgage finance system for the future. If Fannie Mae and Freddie Mac are responsible for the debacle, then perhaps government’s role in a future mortgage finance system should be minimal. But if private lenders deserve most of the blame, the case grows for giving government an important role in backstopping and overseeing the system.
Mark, Mark. Clonazepam. It’s a beautiful thing. Let go.
I am betting that maybe five people in the US actually believe Fannie and Freddie caused the housing bubble. Maybe half a dozen more are actively lying about it.
The rest are just Bullshitting. That is, they don’t really care what the truth is one way or the other. This is just a way to gesture in the general direction of the federal government and say Urrhh!!!
If you prefer call it the Chewbacca Analysis