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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