Posted on 10/01/2008 1:39:06 AM PDT by Enchante
Nine years ago today, in a quotation that appeared in an article in the New York Times, American Enterprise Institute resident fellow Peter Wallison predicted the current financial crisis. From the article (emphasis added):
" In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.
" “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.”"
And who was in control of Congress in 1999?
One of the most prophetic warnings of the debacle that the liberals were preparing for us all, from 1999. Couple this with Pres. Bush seeking to reform govt. oversight of the mortgage biz in 2003 and Senator McCain seeking sensible reforms in 2005 and 2007.... and the Demagogues had ample warning that they were taking us down an extremely dangerous path. But, of course, they were all swilling the corruption of Fannie & Freddie, and ranting about “affordable housing” without confronting the question of WHO PAYS??? for all those fraudulent mortgages........
weak-kneed RINOs combined with socialist turkeys of the Demagogues who wield far too much power even when they are officially in the “minority”
they didn’t have to have congress approval
Exactly.
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