“Deja Vu View” is our title to revive things we have written in the past that are worth revisiting given current events.
The federal government having to assume another $5 trillion in liabilities for Fannie Mae and Freddie Mac and $1 trillion in global losses on US mortgage market securities didn’t just happen. A big financial mess of this magnitude take years of complex engineering to create.
Unlike Alan Greenspan, many of the people who made this situation possible are not household names. To help you understand how this mess was engineered, here is that collection of evidence we posted in 2004 on another of our nominations for the top 20 people most responsible for the housing bubble.
We welcome your comments on who you would nominate to a top 20 list.