And, eventually, it did.
At Fannie Mae and Freddie Mac.
And the rest is history.
I still believe if you remove the Community Reinvestment Act there would not have been a bubble.
If you remove Freddie/Fannie from the picture there would not have been a bubble or implosion.
If government had not interfered and participated in the market in the first place we would not be having this conversation.
The singular thing that makes me the most angry about the crash is that Raines, Johnson, Gorelick, and company cooked the books far beyond Bernie Madoff’s wildest dreams and not a single thing happened to them other than they all walked off with tens of millions in salary and bonus. Had they truthfully provided a real accounting of their books the crash would not have been nearly as bad. No prosecutions and they got enormous bonuses even while the taxpayers got stuck with the tab. Dodd, Frank, and the usual cast of idiots in congress all defended the fraud because of it’s progressive roots - taxpayers be damned.
The statute of limitations is almost up and nothing is being done to hold those responsible accountable. Nothing, zip, nada. It’s mind boggling is’nt it? We are correctly outraged that GSA blew 823,000 on a Vegas party. Where is the outrage that the aforementioned executives of Freddie and Fannie committed fraud that cost in excess of 823 billion dollars?