 | Yesterday I finished reading Financial Fiasco. There are other good books about the recent financial crisis covering different aspects of it -- the drama, the bankers, the rating agencies and especially "Wall Street." "Wall Street" makes a good scapegoat for those in Washington, D.C. (The book does not hold Wall Street innocent.)
Published by the Cato Institute, this is the only book I have found that says much about Fannie Mae's and Freddie Mac's part in the fiasco. Their roles in creating the crisis -- along with Congress, other politicians, and bureacrats -- was huge, and this book gives solid reasons why. Government lovers and apologists downplay their role or even hold them innocent. If you read only one book about the crisis, I recommend this one. If you want to read the part about Fannie and Freddie, you can easily do so at Google Books. (link). Most of it is in the chapter Castles in the Air. The chapter Madly In All Directions likens government behavior in this crisis to such behavior in the Great Depression and refutes the widely-held opinion that Herbert Hoover's policies were laissez-faire.
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Financial Fiaso by Johan Norberg
