President Bush tried to reform Freddie Mac/Fannie Mae in 2003. John McCain tried to do it in 2005. Both times the Democrats in Congress blocked them. These are the things that get ignored by the mainstream media.

Konane posted a YouTube video that shows the genesis of the *entire thing*. The text goes pretty quickly in the video, so you have to concentrate, but it is well worth viewing. This was not created in the 2000s, not in the 90s, and not in the 80s. It has been brewing since the 70s.

Here's the blog post I'm talking about: http://www.lotterypost.com/blogcomments.asp?i=24552

Yeah, I saw that vid. Lots of good info, there. These things take awhile (10+ years) between when they are put in motion and the point when the "hurt" starts. The people responsible are often long retired or otherwise unaccountable for the mess they put all of us in.

Inconceivable for those who only deal in short term reality of cause and effect. Outta sight outta mind ..... blame it on who was set-up to hold it when it broke.

If I was Peter Schiff, I would be calling the other talking heads out, boy, what an "I told ya so." They were all beating up on him, the thing is I don't think there is ever enough time on those shows to thoroughly hash things out.   After reading over the past couple of weeks I am beginning to have a much clearer understanding of how this got under everybodys radar. If any of these economists, finance peoples didin't see this coming: They were in denial, dumbNhappy, or making money off of it somehow, again we get back to greed and avarice.