We can also go to Australia for vetting of our current political landscape.
On The Billary's contribution to our current economic situation....
We are now sitting in the wreckage of the biggest lending bust the world has ever seen.And there's some merit in trying to pinpoint where it all began.
And among the prime suspects is former president Bill Clinton's decision in 1999 to put pressure on lenders to widen the pool of home borrowers in the US.
An article in The New York Times on September 30, 1999, laid it all out in what now looks like crystal detail.
"In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae corporation is easing the credit requirements on loans that it will purchase from banks and other lenders," the article, by Steven Holmes, began.
"The action, which will begin as a pilot program involving 24 banks in 15 markets, including the New York metropolitan region, will encourage those banks to exchange home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
"Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits."
It's like listening to a cockpit voice recorder extracted from the tail of some aircraft wreck.
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