as posted over at calculated risk blog
"From the WaPo: As Subprime Lending Crisis Unfolded, Watchdog Fed Didn't Bother Barking
... Under a policy quietly formalized in 1998, the Fed refused to police lenders' compliance with federal laws protecting borrowers, despite repeated urging by consumer advocates across the country and even by other government agencies."
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after reading the lead story and the thread i have to laugh (or cry)
"The Fed and Subprime Lending: The Watchdog that Didn't Bark"
yeah right
more like 'the fed... the watchdog that turned out to be a lap dog"
this entire fiasco is an IQ test for the american people, who so far seem to not comprehend beyond the level of blaming illegals for buying mcmansions
when the real crime took place on wall street and k street
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