One third of the $15 trillion of mortgages in existence in 2008 are owned, or securitized by Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Housing and the Veterans Administration. Wall Street buyers of repackaged loans didn't mind buying risky paper because they assumed that they would be guaranteed by the federal government: read bailout from the taxpayers. Today's housing mess can be laid directly at the feet of Congress and the White House.
Walter E. WilliamsOne third of the $15 trillion of mortgages in existence in 2008 are owned, or securitized by Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Housing and the Veterans Administration. Wall Street buyers of repackaged loans didn't mind buying risky paper because they assumed that they would be guaranteed by the federal government: read bailout from the taxpayers. Today's housing mess can be laid directly at the feet of Congress and the White House.
Walter E. WilliamsPhilosopher Bertrand Russell suggested that 'Men are born ignorant, not stupid. They are made stupid by education.' And, it was Albert Einstein who explained, 'Insanity: doing the same thing over and over again and expecting different results.' So which is it - stupidity, ignorance or insanity - that explains the behavior of my fellow Americans who call for greater government involvement in our lives?
Walter E. WilliamsIf there's a distinct group of Americans who harbor open contempt for constitutional principles and rule of law, it's lawyers, judges and members of Congress.
Walter E. WilliamsTake Washington, D.C., which spends over $10,000 per student for education whose student achievement would be dead last if Mississippi chose to secede from the Union. Suppose Washington gave each parent even a $5,000 voucher - that wouldn't mean less money available per student. To the contrary, holding total education expenditures constant, it'd mean more money per student remaining in public schools.
Walter E. Williams