Who's to blame for the recession?
Financial Crisis Inquiry Commission Report Says Recession was “Avoidable” and Limits Government’s Liability
Paul Sperry, Former Investor’s Business Daily’s Washington Bureau Chief Says Government to Blame as Overregulation of Mortgage Industry was Root Cause of Financial Crisis
Sperry available for media and as source for coverage of FCIC report released TODAY
(Washington, D.C.): The Financial Crisis Inquiry Commission’s (FCIC) report---due today and leaked yesterday by the New York Times, limits government's blame in the crisis to lax regulation over banks and Wall Street. It says regulators "permitted shoddy mortgage lending."
Former Investor’s Business Daily’s Washington Bureau Chief, Paul Sperry disagrees.
"Far from it," Sperry asserts, "regulators ENCOURAGED shoddy mortgage lending. HUD and Treasury pushed these risky loans onto the private sector and got Fannie and Freddie to guarantee them. The historical record is clear on this, and it's criminal that the commission glosses over it."
He adds that "OVERREGULATION of the mortgage industry was the root cause of the crisis, not deregulation."
"Reckless housing policies caused this calamity," Sperry explains. "Washington politicians pandered to housing-rights groups and wound up hurting the minorities they shamelessly exploited, while costing all Americans $14 trillion in wealth. This is the truth the commission clearly doesn't want you to know."
Sperry’s new book out this week, The Great American Bank Robbery: The Unauthorized Report About What Really Caused the Great Recession, is exhaustively researched with over 50 pages of footnotes, tables, graphs and charts. Sperry provides details that, according to him and countless market economists, it is Washington, not Wall St., that America should turn their attention to for accountability.
ABOUT PAUL SPERRY:
Veteran newsman Paul Sperry isformer Washington bureau chief for Investor's Business Daily and a regular contributor to the national newspaper's Pulitzer Prize-winning editorial pages. A media fellow at Stanford University's Hoover Institution, he is the bestselling author of three previous books, including the highly acclaimed Infiltration: How Muslim Spies and Subversives Have Penetrated Washington, which is being used by top law enforcement agencies across the country, as well as the U.S. Department of Defense and CIA. In addition to IBD, Sperry's work has been featured in the New York Times, Wall Street Journal, New York Post, Houston Chronicle, The American Spectator and Reason, among other publications. He has broken a number of major news stories on economic and domestic policy, as well as other national issues, that have been cited andcredited by the Washington Post, USA Today, ABC News, UPI, the Associated Press, and CNBC, among others. Sperry has appeared on Fox News, CNN, C-SPAN, and the NBC Nightly News. He lives near Washington with his wife and children.
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