Forbes: "Bad Loans, Federal Reserve to Blame for Recession

By: The Associated Press
By: The Associated Press

Steve Forbes, the executive, editor-in-chief of Forbes magazine, largely blames government for the longest recession since the Great Depression.

Forbes said among the culprits are Fannie Mae and Freddie Mac for guaranteeing the bad loans and the Federal Reserve for continuing to print money.

Forbes was in Clinton Monday for a fundraising event for Mississippi College's scholarship program.

Forbes told The Clarion-Ledger that there would never have been a housing bubble if the money wasn't there to finance it.

The former Republican presidential candidate continues to tout a flat-tax proposal that would charge everyone 17 percent.

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  • by Frank Location: Michigan on Mar 30, 2010 at 12:46 PM
    They print the "principal" amounts when then issue, sell or create the debt instruments but they not create the "interest" amounts. The questions is; "Where do/does the debtor(s) acquire the interest money to pay the juice? It's not there, so they can't, so eventually somone will fail and you have "dishonor". It's a big ponzi scheme, like the game you use to pay, "DUCK, DUCK, GOOSE".
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