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Scapegoating Regulation

Thomas I. Palley
Economic and Political Weekly
Vol. 43, No. 35 (Aug. 30 - Sep. 5, 2008), pp. 21-23
Stable URL: http://www.jstor.org/stable/40278717
Page Count: 3
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Scapegoating Regulation
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Abstract

The bailout of the two large us housing mortgage companies, Fannie Mae and Freddie Mac has attracted conservative criticism that these companies contributed to the sub-prime crisis. This is a standard conservative tactic of shifting the blame. Fannie and Freddie were caught in the negative externality of the housing bubble created by Wall Street. The true moral of the Fannie and Freddie story is that there is a case for nationalisation and greater regulation of financial markets.

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