03/18/2010 05:12 am ET Updated May 25, 2011

Matt Taibbi: Fannie, Freddie Blame Falls On Both Government And Wall Street

This GSE story is a big one, but if it gets used as a path back to a "The Market Reacted Rationally" version of history, we're screwed. It has to be looked at as an important part of a diabolical whole, a symbiotic scheme in which the banks and the state were irreversibly intertwined in an enterprise that on both sides was never about market economics, but crime. Because otherwise... the diversionary notion that one side or the other is wholly to blame is part of what makes the whole scam possible.

Read more on True/Slant