Armey: It Was All Government’s Fault

Dick Armey on CNBC this AM blaming the Government and Federal Reserve for all of the causes of the subprime crisis. Of course, it was all Fannie Mae and Freddie Mac.

Armey is another sufferer of cognitive dissonance, from the Phil Gramm school of denial and ignorance. He is straining desperately to avoid any responsibility for his own past votes.

Funny, I don’t ever recall Armey complaining about low rates during the Greenspan era. I love these guys who could not get enough easy money when they were in office, who drank the Kool-Aid back in the day.

Give credit to CNBC’s Steve Liesman who (from vacation on the phone) challenged Armey’s revisionist history regarding bad loans made by private lenders. Steve also noted that sub-prime loans were not GSE guaranteed during the boom period.

Bob McTeer, former Dallas Fed President also calling in, took a subtle shot at Armey, saying “I am not as critical about easy money as most people are these days.”¬† Hint, hint.

Put Armey into the column of yet another political hack desperately trying to defend an outmoded belief system. Why CNBC runs a parade of folks who push misinformation and ideological driven pap is beyond my understanding . . .

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