Flashback to July 14, 2008. Economist
Paul Krugman says don't blame Fannie and Freddie for the housing meltdown:
while Fannie and Freddie are problematic institutions, they aren’t responsible for the mess we’re in.
There's more from the Keynesian apologist:
Fannie and Freddie had nothing to do with the explosion of high-risk lending a few years ago, an explosion that dwarfed the S.& L. fiasco. In fact, Fannie and Freddie, after growing rapidly in the 1990s, largely faded from the scene during the height of the housing bubble.
The New York Times' own
Gretchen Morgenson has a book disproving Paul Krugman's alternative universe.
