“(…) the special privileges granted to Fannie and Freddie have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans. Despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing”.

Così parlò il deputato libertario Ron Paul, il 10 settembre 2003, nel corso di una relazione dinanzi al Financial Services Committee.

(Di Ron Paul è ora disponibile in lingua italiana The Revolution: A Manifesto, che è stato al centro della sua campagna elettorale del 2008: Ron Paul, La terza America. Un manifesto, Macerata, Liberilibri, 2009).

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