Americans listen when Michael Bloomberg speaks, not only because he is the mayor of New York City but because he is a self-made billionaire and a smart guy. People think Bloomberg knows a lot about business and investment, which he surely does. But he nevertheless sounds terribly misinformed sometimes, as he did the other day — when he complained that “Occupy Wall Street” is unfairly blaming the nation’s big bankers for the crash and recession, when the real culprits are Congress and the government-sponsored housing lenders, Fannie Mae and Freddie Mac.
“It was not the banks that created the mortgage crisis,” said the mayor. “It was, plain and simple, Congress, who forced everybody to go and give mortgages to people who were on the cusp. … But they were the ones who pushed Fannie and Freddie to make a bunch of loans that were imprudent, if you will. They were the ones that pushed the banks to loan to everybody.”
Copyright 2011 The National Memo