Wednesday, March 11, 2009


There is an opinion piece by Greenspan in the WSJ today. He makes the case that the Federal Reserve didn't cause the housing bubble. Well, check out this article from the NY Times 1999. You can see for yourself what happened at the time of the article, September 1999. In hindsight, it was the fuel that fed the housing bubble fire. It is very interesting and one can squarely put the initial blame on Clinton Administration.

It is also very interesting in hindsight, to read the quotes of people at the time, that Fannie Mae's easing of credit and lending standards would lead to a housing bubble that would be disastrous. Read it, it is only one page.

And thank you Dennis, for sending a copy of the article my way.

Cheers, Mike

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