25 September 2008

How we got into this mess

Here is President Bush in 2002 speaking approvingly of the extension of credit via Fannie Mae and Freddie Mac to persons with poor credit histories:
"...help deserving families with bad credit histories to qualify for home ownership loans...If you put your mind to it... the low income homebuyer can have just as nice a home as anybody else."
Make no mistake about it - the evolution of the credit crisis was a bipartisan effort, endorsed and encouraged by the Democratic Congress. But in this brief one-minute video, President Bush elucidates the fatal concepts quite succinctly.

(It's subtitled in Dutch because I found the link on a foreign website).

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