Bottom line is that the Chinese and others were about ready to start redeeming their treasury bills early. That would have been the end to our financial system and we would have had to start printing money in earnest. You can blame Bush, Greenspan, etc, who have been asleep at the wheel.
Fannie/Freddie Bailout 'Disastrous Fiasco' [View article]
Fannie/Freddie Bailout 'Disastrous Fiasco' [View article]