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Triple Down: Fannie, Freddie, and the Triumph of the Corporate State

By Implode-Explode Heavy Industries

``Despite examples of the success of restructuring with F and even General Motors, the invidious cowards who inhabit Washington are unwilling to restructure the largest banks and GSEs. The reluctance comes partly from what truths restructuring will reveal. As a result, these same large zombie banks and the U.S. economy will continue to shrink under the weight of bad debt, public and private. Remember that the Dodd-Frank legislation was not so much about financial reform as protecting the housing GSEs. ''

Full post as published by Mortgage Lender Implode-o-Meter on October 28, 2010 (boomark / email).