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The sub-prime mess explained

By October 22, 2008Uncategorized

At the second debate John McCain was asked a question by one of the town hall attendees about the sub-prime mess. McCain prefaced his response by saying that the questioner ‘probably hadn’t heard of Fannie Mae or Freddie Mac’. This, in turn, caused anti-McCain folks to accuse him of being condescending. The fact is that the whole sub-prime mess was caused by ‘people were supposed to know‘ failing to act. So, at this point, it’s not a stretch to assume people who ‘weren’t supposed to know things’ didn’t know them, and maybe still don’t.

As a public service to all those people who weren’t supposed to know, but who now wish to, I offer this video (which interestingly was uploaded to YouTube in February of this year). If you prefer a powerpoint explanation click here.

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  • Cindy says:

    I really think whether or not the people who were suppose to know about securities on Wall Street or mortgages on “Main Street” failed us is irrelevant to John McCain’s assumption that an attendant at a debate doesn’t know who the heck Fannie Mae or Freddie Mac is. That did come across as condescending.

    I didn’t know what those peeps on Wall Street were “suppose to know,” but having paid for college out the nose with student loans – I knew who the heck Freddie Mac and Fannie Mae were and so, too, I suspect did the fellow in the audience.

  • Mark says:

    i like that powerpoint…

    This is also kind of depressing.

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