One only need to click on this link to discover the truth behind the recent bailout package and how both political parties have played the public like a fine tuned fiddle. The article in question was written in 1999, this was in a year that William Clinton was president and the republicans controlled congress.
I will not speculate on whether Clinton would have signed any piece of legislation that would have protected the people from government in this regard, however in 2001, January to be exact the republican party controlled everything in Washington D.C.
It was in September that the nation was attacked, however by my accounting there was a little over 7 months that the finance committee could have made changes to this very liberal loaning policy which was going to eventually create chaos in the market place.
For years government has made a habit of spending money which hasn't even been printed yet and with this mindset lessor known entities of government could get the people hooked on performing the same trick.
Little were we aware of, that government would come to the rescue an bailout an industry that loaned money it did not have that was not backed with a viable asset or the asset was over inflated to begin with. Yes many in the private sector helped achieve this end which also benefited government with inflated property values on the tax roles.
It was a 360 degree rip off where few benefited and it left the majority on the hook....