Who caused the American financial panic and the wild swings in our financial system — and what are we going to do about it in the long term after the markets settle down?

Republicans point to Fannie Mae and Freddie Mac. Politically wired executives at Fannie and Freddie cooked the books. They received mega-bonuses and took cover through campaign gifts to their Democratic supporters in Congress. Then almost everyone involved justified their scams by claiming that, as good liberals, they only wanted to help the poor buy homes.

  

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