File:2009-05-23 screenshot of cached blog entry now missing.crop.png

Screenshot of the Google cache of http://blog.jim.com/economics/wall-street-journal-explains-the-bailout-crisis.html which now returns a 404 error, retrieved on 2009-05-23. It is not known why the article has been removed (possibly a retraction?); Googling for the first sentence does not return any exact or close matches. At least two other posts at around the same time seem to have been deleted as well, including the previous one and the one before that.

See Bill Clinton helped cause the 2008 mortgage crisis.

Transcription

Wall street journal reports that this crisis was the predicted result of politically correct lending policies commanded by the Clinton administration, continued and worsened by the Bush administration.

Carpe Diem reports that this crisis was predicted when these policies were introduced by the Clinton Administration. In 1999, the NY Times observed:

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

Which is, of course, what happened.

This entry was posted on Thursday, September 25th, 2008 at 4:44 pm and is filed under economics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.