In 1999: Clinton pressures Fannie Mae: Ease Credit To Aid Mortgage Lending
Original post made by Ralphie on Feb 18, 2009
CHILLING WORDS FROM TEN YEARS AGO:
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.''
The New York Times; September 30, 1999
on Feb 18, 2009 at 1:55 pm
It is too convenient to ignore the fact that since 1999 a Republican majority in Congress and a Republican president failed to act on this.
on Feb 18, 2009 at 2:02 pm
Yay Clinton! Thanks for helping us make our millions! ;)
on Feb 18, 2009 at 8:00 pm
Of course, our powerful free enterprise financial system, no-government-oversight, trickle-down-theory-put-in-practice, shareholders-watching-the-management, Alan Greenspan-dominated-financial-hand-on-the-tiller, Bush-controlled and Republican-controlled management of financial policy, system was completely and utterly undone by Clinton and Fannie Mae in 1999. What a great and powerful and sturdy system they gave us! A breath of ill wind sends us into the next great depression! What a strong, powerful economic ideology we have lived under since Reagan. Vote Republican!!!!
The Republican attack machine continues to live in the blogs of the PW.