HUD policy changes under Alphonso Jackson mandated that Fannie Mae and Freddie Mac underwrite the high risk mortgages that have caused most of the trouble. This is why the risk exposure grew so radically in then last 5-7 years. People buying homes was one of the few bright spots in the economy that bush could crow about and HUD made sure that the trend continued regardless to the economics behind it and whether people could afford those mortgages.

Jalaroc says: People buying homes was one of the few bright spots in the economy that bush could crow about

LeRoy: It was the only bright spot, so far as I can tell. Can you think of any others?

companies are an obvious example. But then I am waving a red flag in front of the bull...

OK.

If you say so.

[Sometimes humoring them is the safest approach, folks...]