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Those Were The Days

Paul Krugman notes that in August of 2005 he wrote a piece in the New York Times telling the world that the housing bubble was at the point of bursting and that things would get ugly.

In October of that year the House passed the Federal Housing Finance Reform Act of 2005 by a vote of 331-90 with a majority of both parties that the Republican Senate buried in committee because the White House opposed it.

Three years ago this would have been easy to fix with some more oversight and a few people getting their hands slapped for “irrational exuberance”. Now we have a worldwide crisis.