2008 Financial Crisis: The making of ...

Investors Business Daily has a long and detailed timeline of the lead-up to the Financial Crisis of 2008. It features of course the Community Reinvestment Act, Fannie Mae and Freddy Mac, pointing out that this crisis is not so much a failure of capitalism, or the free market. Rather it is a spectacular melt-down of a misbegotten social engineering project. Interestingly, the roots of the current financial upheaval is traced back to the last big financial disaster: In the wake of the 1929 crash, FDR initiated a series of "New Deal" reform programs designed to affect the mortgage market and homeownership, which saw the birth of Fannie Mae.

On the eve of an election which may result in the euthanasia of economic and civil liberty in the USA, with the crisis as the excuse, I thought I'd just pass this along.

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