They want $700 billion, and they’re changing NOTHING

As Thucydides further explains in response to questions in the entry, “Pretty Impressive,” below, even as the government is seeking $700 billion to keep the finance markets liquid, the granting of mortgages to uncreditworthy home buyers is continuing, the backing of those subprime mortgages by Fannie and Freddie is continuing, and the backing of Fannie and Freddie by the federal government is continuing. Nothing essential has changed. As Thucydides said, this supposed “fix” truly is a “fix” in the sense of giving an addict another shot of heroin so he can avoid having to go through withdrawal.

Posted by Lawrence Auster at September 29, 2008 10:17 PM | Send