Wall Street must kill Freddie

The failure to acknowledge the real cause of the GFC – Freddie Mac and Fannie Mae – is a smokescreen, designed to let US politicians and regulators off the hook and to scapegoat financial markets.

The regulatory responses to the global financial crisis have for the most part been conditioned on a false narrative about the causes and consequences of the crisis. In the US, this has seen a complete re-regulation of financial institutions and retail consumer finance. In Australia, the regulatory responses have been more limited, but still reflect a mistaken view of the underlying causes of the crisis.

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