The mortgage debacle was predictable, and the New York Times accurately predicted it – in 1999.

Specifically, an article of September 30, 1999, by one Stehpen A. Holmes, entitled “Fannie Mae Eases Credit To Aid Mortgage Lending”. A couple of brief quotes:

“In moving, even tentatively, into this new era of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980s”.

“From the perspective of many people, including me, this is another thrift industry growing up around us”, said Peter Wallison, a resident fellow at the American Enterprise Institute. “If they fail, the government will have to step in and bail them out the way it stepped up and bailed out the thrift industry”.

If that wasn’t enough, the Bush Administration placed seventeen (17) proposals before Congress between 2001 and the end of 2007, recommending additional regulation to head off just such a crash.

It is the sneerists who fought off those proposals who should be reporting for tar and feathers about now.