Limitless

clipped from www.investors.com But Wall Street didn't cause the collapse — government did . And this call for tougher rules is yet another attempt to escape blame. All Glass-Steagall did was let bank holding companies buy into investment banks. What undermined the financial system was a fanatical application of rules aimed at getting banks to lend as much money as possible to facilitate homeownership among minorities. It was the government, not Wall Street, that created the subprime market by compelling banks to make bad loans and urging Fannie Mae and Freddie Mac to cash out the banks by putting more and more of the toxic mortgages on their balance sheets. hasn't given a thought to limiting, let alone blocking the proposed expansion of, the Community Reinvestment Act that started it all. Or to reining in Fannie Mae and Freddie Mac, the government-created monsters that aided and abetted the meltdown. No, the Obama administration is back on its quest to take control of as much of the private economy as it can.