Fannie and Freddie

Here is one more mini perspective on the financial flame-out that has led to so much grief.  While the housing push by Congress did in fact lead directly to the relaxation of mortgage loan standards and the subsequent crash, it's safe to say the country's economy was headed for a fall in any case.  There was simply too much credit extended in too many areas of the economy, credit that had been building for several decades dating back as far as LBJ's guns and butter administration in the '60's.  As many good things that Reagan did in terms of putting an end to the USSR, rebuilding the armed forces, restoring confidence and pride in the country, he is complicit in the credit expansion by virtue of the huge deficits during his eight years in office.  He should have and could have done better than to allow the federal government to go down the path of deficit spending in a very big way.  Still, in assessing blame, give the Republicans 10% and the liberals 90%.