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Did Housing Policy Cause the Crisis? - John Sununu

Complete video at: Former Senator John Sununu (R-NH) gives an insider's perspective on the federal government's role in causing the financial crisis. Sununu claims politicians supported much-maligined organizations Fannie Mae and Freddie Mac because "they didn't want to appear to be anti-housing." ----- How was it possible that in a world where thousands of people regulated financial markets the whole system crashed down? And should we now give more power to central banks, government agencies, politicians, and regulators? Isn't that what brought us here in the first place? Financial Fiasco digs deep into the foundation of the economic meltdown, revealing how it was the product of conscious actions by decisionmakers in companies, government agencies, and political institutions, and by consumers. Financial Fiasco tells the compelling story of how rate-cutting by the Federal Reserve inflated the real estate market and fueled increased risk-taking in the financial markets; how new government policies to promote home ownership blasted air into the credit bubble; how new financial instruments, credit-rating requirements, and accounting rules intended to prevent cheating backfired; and much more. Financial Fiasco guides readers through a world of irresponsible behavior, warns that many of the "solutions" being implemented are repeating the mistakes that caused the crisis, and offers guidance on how to move forward. - Cato Institute John Edward Sununu (born September 10, 1964) is a former Republican United States Senator from New Hampshire. Sununu was the youngest member of the Senate for his entire six year term. He was also its only Arab-American member during his time in office. He is the son of former New Hampshire Governor John H. Sununu.
Length: 03:52


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