And just a little interesting article from the LA Times…

Current housing and credit crisis a direct result of Bill Clinton’s policy – according to this (not according to Larrie).

read more | digg story

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2 comments

  1. This story, combined with Sarbanes-Oxley, are huge portions of the current financial trouble. Understanding what these two government mandates did to the market is a good thing.

    As far as I can determine, the blame goes like this:

    – Government (Clinton, Congress, and Sarbanes-Oxley) for creating the market for loans for people who don’t merit mortgage financing.
    – Americans stupidly thinking real estate values will always go up.
    – Wall St. for once again, as always, believing their own propaganda, that subprime lending was okay.

    Anyway, the blame game is only useful in fixing the problems, and for every finger pointed at Wall St/Clinton/Bush etc.., Americans have got to look at themselves for believing, just like we did during the dot com bubble, that the old rules don’t apply.

    Words to live by: “There are two kinds of fools in this world: One who says, ‘This is old, therefore it is good.’ and the one who says, ‘This is new, therefore it is better.'”

    Like

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