It was a remarkable failure of the economics profession and economics reporters not to see the housing bubble before it burst. It is truly incredible that so many can't see it even after the fact.
Yes, it is strange but true. The WSJ has a discussion of the future of Fannie Mae and Freddie Mac and there is no mention whatsoever of their failure to see the housing bubble in discussing the causes of their collapse. If anyone at these institutions had been smarter than Barney Frank's dining room table, they would not have been buying and guaranteeing mortgages used to purchase homes at bubble-inflated prices. This simple act is what doomed these companies. But the WSJ and its "experts" can't even discuss it.
A second Trump administration will cement a right-wing majority on the Supreme Court for a generation, and put our collective future in the hands of someone who will be virtually unchecked by our institutions. The country has shifted rightward, and the reverberations will ensue for potentially the next few decades. In this climate, a robust independent media ecosystem will be more important than ever. We're committed to bringing you the latest news on how Trump's agenda will actually affect the American people, shining a light on the stories corporate media overlooks and keeping the public informed about how power really works in this country.
Quality journalism is expensive to produce, and we don't have corporate backers to rely on to fund what we do. Everything we do is thanks to our incredible community of readers, who chip in a few dollars at a time to make our work possible. Any amount you give today will help us continue reporting on what matters to our democracy.
