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Wednesday, October 01, 2008
 
The way back machine...

Google,in celebration of their 10th anniversary, has a pretty nifty site where you can do a Google search as it was back in 2001. Check it out here.

So step back in time and look a few things up just for fun. How about "mortgage crisis" for example? Guess what that gem turns up? Well here it is. Yes it's our old friend Franklin Raines, then in his second year as Chairman of Fannie Mae. Critics were predicting a catastrophe so large that it would "dwarf the S&L crisis in its cost to the taxpayers" if the GSEs should ever go bankrupt. But Raines had an answer for them:

"A Fannie Mae bankruptcy is so far up in the realm of fantasy that it's hard to even imagine what the circumstances would be.


What's Raines' current position?


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