"Paul Hovnanian P.E." wrote in message
...
amdx wrote:

"Jim Thompson" wrote in
message ...

Under WHOSE Watch ?????

http://query.nytimes.com/gst/fullpag...=&pagewanted=1

Note the date, you liberal FASCISTS ;-)

...Jim Thompson
From the article;
''From the perspective of many people, including me, this is another
thrift
industry growing up around us,'' said Peter Wallison a resident fellow at
the American Enterprise Institute. ''If they fail, the government will
have
to step up and bail them out the way it stepped up and bailed out the
thrift
industry.''

Peter's article May 2005 "Now it gets serious"
http://www.aei.org/publications/pubI...pub_detail.asp

10-30-07
http://www.bloomberg.com/apps/news?p...d=a_l2_kTFSFGU
Peter's quoted here,
A loss of confidence in the companies could prompt investors to dump FHLB
debt, potentially causing the collapse of one or more banks, according to
Peter Wallison and lawmakers including Representative Richard Baker of
Louisiana. If others were unable to meet the liabilities, taxpayers would
be
on the hook, they said.

and nobody listened,
Mike

What Clinton pushed for was a form of deregulation. In other words,
relax (or eliminate) the rules. The sitting GOP-run Congress, and the
impending Bush administration also have knee jerk reactions to regulation.

But the mortgage lenders would have protected themselves (with or without
regulation) if they didn't have the government-sponsored enterprises (GSEs)
to buy the paper.
Mike