This is hilarious. Matt Taibbi and Byron York have a "conversation" over IM where Taibbi shows he is extremely knowledgeable about the current financial crisis and the credit default swap market and Byron York demonstrates his knowledge goes as deep as his talking points.
In a larger sense, it's very important to point out that the idea that this happened because fannie mae and freddie mac gave "mortgages to people, particularly minorities, who could not afford them" is not just wrong, it's shamefully racist and ignorant. The credit default swap market was up around $60 Trillion dollars at it's height. The total mortgage debt in the US was less than 1/10th that number, and the number of "subprime" loans and other non-AAA debt is far, FAR less than that. The Republican attempt to paint this problem as "poor people getting loans they couldn't afford" is 100% bull-pucky.
See also here, here, and here.
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