Andrew Cuomo Owes Us $5 Trillion

It is not easy to engineer the bankrupting of the American middle class and the U.S. government.

Alan Greenspan and the Federal Reserve banks and their members can push all they want, but a destructive housing bubble could not have happened without the federal housing infrastructure at the Department of Housing and Urban Development (HUD) dismantling or ignoring countless laws, financial controls and administrative rules created to prevent disasters, particularly disasters of this magnitude.

Creating a housing bubble and bust that is this harmful requires re-organization of FHA and Ginnie Mae. It requires new rules and changes in the oversight of the mortgage markets, including of Freddie Mac and Fannie Mae. It requires cooking the accounting systems, budgets and books, even refusing to produce financial statements for HUD and FHA as required by law. It also required pushing hundreds of responsible people out of way. It meant manipulating the press and throwing money around in the right places. It was a big, big job. Someone had to do it.

Thanks to a handful of courageous people and reporters, you can understand why it took 232 years for America to accumulate almost $10 trillion in national debt, but only one new bill bailing out Freddie Mac and Fannie Mae to clean up more housing bubble mess to add another $5 trillion overnight.

Among this group of courageous and capable people is investigative reporter Wayne Barrett at the Village Voice. Here is his latest contribution.

How Andrew Cuomo Gave Birth to the Housing Crisis at Freddie and Fannie Mae

For links to more pieces on Cuomo’s role, see:

Unanswered Questions about Andrew Cuomo

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