NYT predicts Sub-Prime Failure in 1999

So many pundits are currently blaming the policies of the failed Bush administration for the current economic crisis.

The internet, however is a wonderful thing. On Sept. 1999 (who was President then?) reported that Fannie Mae was "encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify."

The article goes on to prophesy,

"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 1980's."

How can they be so two-faced?