Paul Sperry, Former Investor's Business Daily's Washington Bureau Chief Says Govt. to Blame as Overregulation of Mortgage Industry was Root Cause of Financial Crisis

WASHINGTON, Jan. 26, 2011 /PRNewswire/ -- The Financial Crisis Inquiry Commission's (FCIC) report---due tomorrow and leaked today by the New York Times, limits government's blame in the crisis to lax regulation over banks and Wall Street. It says regulators "permitted shoddy mortgage lending."

Former Investor's Business Daily's Washington Bureau Chief, Paul Sperry disagrees.

"Far from it," Sperry asserts, "regulators ENCOURAGED shoddy mortgage lending. HUD and Treasury pushed these risky loans onto the private sector and got Fannie and Freddie to guarantee them. The historical record is clear on this, and it's criminal that the commission glosses over it."

He adds that "OVERREGULATION of the mortgage industry was the root cause of the crisis, not deregulation."

"Reckless housing policies caused this calamity," Sperry explains. "Washington politicians pandered to housing-rights groups and wound up hurting the minorities they shamelessly exploited, while costing all Americans $14 trillion in wealth. This is the truth the commission clearly doesn't want you to know."

Sperry's new book out this week, The Great American Bank Robbery: The Unauthorized Report About What Really Caused the Great Recession, is exhaustively researched with over 50 pages of footnotes, tables, graphs and charts. Sperry provides details that, according to him and countless market economists, it is Washington, not Wall St., that America should turn their attention to for accountability.

TO SCHEDULE AN INTERVIEW WITH PAUL SPERRY

please contact Stephanie Marshall at  202-487-3393, stephanie@mnspublicity.com

SOURCE Paul Sperry