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Bush throws GSEs under the bus : HousingWire
I’m convinced that the credit markets stared into the deep last week, and the sort of financial ruin that can topple economies was just over the horizon, but it’s time we questioned more directly how we got here. Why nobody saw AIG coming. Why the plug was yanked on Fannie and Freddie despite both verifiably being a going concern. Why Lehman was allowed to plunge markets into chaos, while Goldman and Morgan Stanley cruised into a commercial bank charter just a few days later.
First Take: Bush throws GSEs under the bus : HousingWire.
How’s the saying go? “One who does not understand history is destined to repeat it?”
I hope that we take the time to do this “bailout” right and also to learn from the mistakes that were made (and they were plenty) and set things up so that we don’t repeat them…..
Tom
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