Phil Angelides’s recent op-ed in the Washington Post contained one true statement: “the winners get to write history.” So the Democrats, who won control of Congress in 2008, got to appoint Angelides to write the history of the financial crisis that they wanted. In his “history”—written as the chairman of the Financial Crisis Inquiry Commission—the contributions of Fannie Mae and Freddie Mac to the financial crisis were “only marginal,” and Fannie and Freddie followed Wall Street into subprime lending.
He almost got away with it. By limiting the pages available for dissent in the widely circulated commercial version of his commission’s report and ignoring the contrary evidence that only made it into my full dissent, he had succeeded in slipping by any serious challenge.
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