New York Governor Eliot Spitzer makes an inarguably incomplete argument regarding the subprime mortgage problem:
When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.
I wonder if he gave the essay its title – “Predatory Lenders’ Partner in Crime” – or the Washington Post’s editors added it.
Regardless, the only fact he has correct in his sanctimony is that what he’s selling is a tale. Its height is impressive. I can’t wait to see what he shovels when he runs for Congress or President.