Home Ownership Bubble Timeline

Image SourceThe Community Reinvestment Act was instituted under President Carter in the 1970s, but it was not until President Clinton in the 1990s that it was put on steroids. The drive under Clinton and the Democrats in Congress to push unqualified borrowers into home mortgages they couldn't afford was the rotten seed.

By the time President Bush realised that Fannie Mae and Freddie Mac were out of control, powerful Democratic Party controlled interest in the Congress -- including Barnie Frank and Maxine Waters -- blocked meaningful reform. By the time the toxic debt had leveraged itself into a gigantic snowballing avalanche in late 2007 and early 2008, it was too late for anyone to save the financial markets -- not that anyone in government was trying very hard. A slow motion disaster, courtesy of certain politicians whose names must not be spoken.