How gay he is really isn't important, and I will give him that in a patrician, Kennedy-esque way he really does care about '"The little people" (At least as long as they stay loyally on Marse Donk's plantation and don't start asking embarassing questions), what I DO have a huge problem with is his whole vast failure of judgment in intervening to prevent any sanity in the government-insured mortgage loan machine.
I can actually see why all the mortgage derivative-based securities (For want of a better term, the tertiary mortgage market) would have been A-rated at least as they were first conceived and sold, despite the F-rating of 1/3 of the mortgages in them (If anyone had bothered to look at them, but of course that isn't how the secondary mortgage market worked, and the securitization in the tertiary market simply passed on the thundering indifference of the secondary market), since the US government was in effect a surety on them, so to the packager it was only the Government, not the packager, lender, or derivative buyer, that bore the risk.
