Wednesday, March 19, 2008
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The goal is to ``help restart the housing engine that powers our economy,'' Fannie Mae Chief Executive Officer Daniel Mudd said. There you have it. Housing, which produces NOTHING, is supposedly an engine for the economy. He couldn't have had it more wrong. Nations do well when money is borrowed to invest in products and ideas that produce profit in the future, not when the money just chases up the price of houses.