Fannie & Freddie – socialism for the rich, capitalism for poor

Posted: July 17, 2008 in society
Tags: , ,

Food for thought: in this ConsortiumNews interview, AFL-CIO chief economist, Ron Blackwell, looks at the bigger picture behind the Fannie Mae & Freddie Mac crisis, linking it to what happened to America’s working people over the last 30 years (eg real wage decline). On that background, he points out that the government does not just have a crisis of these two institutions or even of the economy at hand, but that it needs to address a social crisis in a more holistic, systemic way.

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