Those who were complaining, only months ago, that excessive regulation was making American markets uncompetitive, had it exactly wrong. It was a lack of regulation of the shadow financial system and its players that allowed this to happen.
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Those who were complaining, only months ago, that excessive regulation was making American markets uncompetitive, had it exactly wrong. It was a lack of regulation of the shadow financial system and its players that allowed this to happen. First, there is this gem: Senior officials from the Bush administration and the Federal Reserve on Friday called in top executives of Fannie Mae and Freddie Mac, the mortgage finance giants, and told them that the government was preparing to place the two companies under federal control, officials and company executives briefed on the discussions [...] The soaring price of oil will leave the Iraqi government with a cumulative budget surplus of as much as $79 billion by year’s end an American federal oversight agency has concluded in an analysis released on Tuesday. The unspent windfall, which covers surpluses from oil sales from 2005 through 2008, appears likely to put [...] President Bush has treated the economy the same way he has treated Iraq – he destroyed both of them. Remember when we had to cut taxes because there were budget surpluses? Well, the good old days are long gone as an administration official has projected a record $490 billion budget deficit for next year. The [...] |
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