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You forgot Bush and his issue of an "ownership society" which gave the political cover for Greenspan and Franks (and his Republican allies on the Financial Services committee) to enable banks to lend to people who couldn't afford it.



i left Bush out because he is/was/will continue to be too stupid to realize what is going on.

Franks and his democratic/republican/congressional idiots and their belief of "everyone should have a home to call their own" was a HUGE enabler of banks to lower lending standards....

the best clip is the one of Franks on CNBC "proclaiming" Freddie and Fannie to be great buys...then a few weeks later the equity and preferred stock gets wiped out....i WOULD LOVE to see trade tickets and purchase orders of that stock after his interview on CNBC....you would be shocked at how many 'common folk" watch CNBC for stock tips and information...