Ben Franklin in #73 above puts his finger
on the key terrain. The government guaranteed
that anything Freddie and Fannie resold would be paid by the taxpayer. That is what put the proverbial penny behind the fuse and why the house is now burning.

Without that, any holes in deregulation would have been sealed long before there was a crisis. And the actions of existing regulators would not have been as harmful as they have been.

Nice going Ben. And give my regards to Amos, if you would.