Every now and then, it’s good to review some of the events and facts that got us in the mess we have now.
I’ve mentioned some of this before but it deserves to be repeated so that we can understand the issues and know how they came about.
- President Carter laid the groundwork for the 2007 recession by passing a law requiring banks to finance homes for folks who couldn’t afford them.
- President Clinton put more teeth into the law in 1994 with threats of lawsuits against banks that didn’t comply.
- President Bush tried several times to limit the impending disaster he saw coming only to have bills he presented to Congress killed by Franks and Dodd.