[quote=briansd1]Yes, really.
We’ve been here before. The GSEs where not the problem in the housing bubble. They were only minor players.

The private securitization of mortgages are what inflated the housing bubble.[/quote]

I will point out that you did not address the larger point which is that RP was completely correct about the housing collapse – while collecting the “kooky uncle” moniker at the same time.
Which by the way is the most mystifying thing about this whole post. While being right he is portrayed by the media as being kooky. What kind of episode of Twilight Zone are we in?
Brian are you maintaining that private securitziation could have reached those insane levels with out the backstop of the GSE’s? That sounds like a “world is flat” comment given the evidence.