The day the crisis started; September 30, 1999

September 25, 2008

Prescient quote of the last ten years (quoted in the article)

”From the perspective of many people, including me, this is another thrift industry growing up around us,” said Peter Wallison a resident fellow at the American Enterprise Institute. ”If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.”

It is a bitter irony to me that this relaxation of regulations during the Clinton administration of two organizations who contribute the majority of their money to Democrats may work to prevent McCain from winning this election.

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html

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