We have maintained that the core issue or trigger to the current crisis was the past decade’s enabling of the Fn/Fr twins by the Democrats. We have connected the dots for our readers to this Heart of Darkness. It’s all fairly obvious. Usually both are to blame, at least in shades; this time one party and one party only is responsible for the near-immediate 20 - 30% decline in the net worth of most Americans.
And we wondered - have the Democrats no decency? How can any literate Democrat not cringe? Even an acknowledgment would work as a start.
Sure enough, from Artur Davis, a member of the Congressional Black Caucus, "Like a lot of my Democratic colleagues I was too slow to appreciate the recklessness of Fannie and Freddie. I defended their efforts to encourage affordable home ownership, when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit when it comes to Fannie and Freddie, we were wrong."
Thank you Mr Davis.
Robert Craven
About Me
- Robert Craven
- Craven is president of The Craven Report. He is a well known strategist in the FI market, plus an expert on central banking, having testified before Congress on Fed reform, and with Milton Friedman's endorsement. He regularly highlights major economic turning points before street consensus. He has appeared on business news cable, in the FT's and American Bkr, other media. Out of retirement as of Feb/11, he intends now to consult to major world institutions.
“It is rare to find an economic/market outlook report as insightful, precise and salient as the Craven Report. The manner in which you approach the markets and economic releases is both refreshing and surprising. I say surprising because it is absolutely the correct approach yet so few utilize it. On behalf of the entire Strategy Committee at Harris Bretail Sullivan and Smith, thank you.” William D. Osher CFA, Director of Fixed Income, Chief Economist, Harris Bretail Sullivan and Smith.
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