The Magazine

Guilty Men

The political origins of the meltdown.

Jul 25, 2011, Vol. 16, No. 42 • By CHRISTOPHER CALDWELL
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But there is no shortage of shrewd, driven, ruthless, capable bleeding-heart liberals across whose mind not a hint of self-doubt has ever passed. If Johnson had never been born, the mortgage crisis would have unrolled just as it did. The direction in which he took Fannie Mae was the direction in which Bill Clinton, the economists at the Boston Fed, Andrew Cuomo, and the mortgage industry were pushing him. We were bound to wind up with the system we have, in which the rich, in the name of the poor, avail themselves of the assets of the middle class.

Christopher Caldwell is a senior editor at The Weekly Standard.