Karl Smith: No, Fannie and Freddie Did Not Cause the Housing Bubble

Karl Smith:

Fannie / Freddie Acquitted: Fannie Mae and Freddie Mac are members of a long list of individuals and entities including Gary Condit, Tom Delay, Michael Jackson, Rod Blagojevich and JonBenet Ramsey’s parents.... tried and convicted in the popular press essentially on the grounds that they were creepy.... As I hope to continue to argue, being creepy, a bad person, or even a usual suspect does not make one automatically guilty.... [G:]overnment subsidies in the housing market are...