2013년 11월 24일 일요일

오전 6:19

By Bess Haslam

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About 'hamilton accounting firms'|Accounting groups respond to audit firm rotation proposal (via @inaudit_com)







About 'hamilton accounting firms'|Accounting groups respond to audit firm rotation proposal (via @inaudit_com)








Ｔｈｉｓ               ａｒｔｉｃｌｅ               ｇｉｖｅｓ               ａ               ｃｏｍｐｒｅｈｅｎｓｉｖｅ               ｈｉｓｔｏｒｉｃａｌ               ｏｖｅｒｖｉｅｗ               ｏｆ               ｔｈｅ               2008               ｆｉｎａｎｃｉａｌ               ｃｏｌｌａｐｓｅ.

Ｉｔ               ｃｏｍｐａｒｅｓ,               ａｎｄ               ｃｏｎｔｒａｓｔｓ               ｔｈｅ               ｌａｔｅｓｔ               ｃｒｅｄｉｔ,               ａｎｄ               ｓｔｏｃｋ               ｍａｒｋｅｔ               ｃｒｉｓｉｓ,               ｔｏ               ｔｈｅ               Ｓｔｏｃｋ               Ｍａｒｋｅｔ               Ｃｒａｓｈ               ｏｆ               1929,               ａｎｄ               ｔｈｅ               ｓｕｂｓｅｑｕｅｎｔ               Ｇｒｅａｔ               Ｄｅｐｒｅｓｓｉｏｎ.

Ｙｅｓ,               Ｄｏｎ'ｔ               Ｂｌａｍｅ               Ｐｒｅｓｉｄｅｎｔ               Ｂｕｓｈ,               ａｎｄ               ｔｈｅ               Ｒｅｐｕｂｌｉｃａｎｓ               ｆｏｒ               ｔｈｅ               Ｆｉｎａｎｃｉａｌ               Ｍｅｓｓ.

Ｉｔ               ｓｅｅｍｓ               ｔｈｅ               ｎｅｗ               ｃａｔｃｈ               ｐｈｒａｓｅ               ｉｎ               ｔｈｅ               2008               ｅｌｅｃｔｉｏｎｓ               ｗａｓ               "Ｗｅ               ｃａｎ'ｔ               ｈａｎｄｌｅ               ａｎｏｔｈｅｒ               4               ｙｅａｒｓ               ｏｆ               ｔｈｅ               ｆａｉｌｅｄ               ｅｃｏｎｏｍｉｃ               ｐｏｌｉｃｉｅｓ               ｏｆ               Ｂｕｓｈ               ｉｎ               ｔｈｅ               Ｗｈｉｔｅ               Ｈｏｕｓｅ."               "Ｃａｎ'ｔ               ｙｏｕ               ｓｅｅ               ｔｈｅ               ｍｅｓｓ               ｗｅ               ａｒｅ               ｉｎ               ｕｎｄｅｒ               ｔｈｅ               Ｒｅｐｕｂｌｉｃａｎｓ!"               Ｔｈｅ               ｅｌｅｃｔｉｏｎ               ｆｒｅｎｚｙ               ｃｕｌｍｉｎａｔｅｄ               ｗｉｔｈ               ｔｈｅ               Ｄｅｍｏｃｒａｔｓ               ｂｌａｍｉｎｇ               ｔｈｅ               Ｒｅｐｕｂｌｉｃａｎｓ.

Ｔｒｕｔｈ               ｉｓ               ｅｖｅｒｙｏｎｅ               ｉｓ               ｔｏ               ｂｌａｍｅ,               ａｎｄ               Ｉ               ｄｏ               ｍｅａｎ               ｅｖｅｒｙｏｎｅ!
               Ｌｅｔ'ｓ               ｓｔａｒｔ               ｗｉｔｈ               ｔｈｅ               Ｃｏｎｇｒｅｓｓ.

Ｔｈｅｙ               ｒｅｐｅａｌｅｄ               ｔｈｅ               Ｇｌａｓｓ-Ｓｔｅｇａｌｌ               Ａｃｔ               ｉｎ               1999,               ｗｉｔｈ               ｔｈｅ               ｐａｓｓａｇｅ               ｏｆ               ｔｈｅ               Ｆｉｎａｎｃｉａｌ               Ｓｅｒｖｉｃｅｓ               Ｍｏｄｅｒｎｉｚａｔｉｏｎ               Ａｃｔ               ｏｆ               1999,               ａｌｓｏ               ｋｎｏｗｎ               ａｓ               Ｇｒａｍｍ-Ｌｅａｃｈ               Ｂｉｌｅｙ               Ａｃｔ               ｏｆ               1999.

Ｔｈｉｓ               ａｃｔ               ａｌｌｏｗｅｄ               ｆｏｒ               ｔｈｅ               ｄｅｒｅｇｕｌａｔｉｏｎ               ｏｆ               ｔｈｅ               ｓｔｏｃｋｓ,               ｅｎａｂｌｉｎｇ               ｄｅｒｉｖａｔｉｖｅｓ               ｔｏ               ｆｌｏｕｒｉｓｈ.

Ｔｈｅ               ｄｅｒｉｖａｔｉｖｅｓ               ｒｅｓｐｏｎｓｉｂｌｅ               ｆｏｒ               ｔｈｅ               ｃｒｅｄｉｔ               ｆｒｅｅｚｅ               ｗｅｒｅ               ｂｕｎｄｌｅｄ,               ａｎｄ               ｓｏｌｄ,               ａｎｄ               ｏｒｉｇｉｎａｔｅｄ               ｗｉｔｈ               ｂａｄ               ｍｏｒｔｇａｇｅｓ.

Ｂａｄ               ｍｏｒｔｇａｇｅ               ａｒｅ               ｍｏｒｔｇａｇｅｓ               ｉｎ               ｄｅｆａｕｌｔ.

Ｉｔ'ｓ               ｋｉｎｄ               ｏｆ               ｌｉｋｅ,               ｂｕｙｉｎｇ               ａ               ｓｌｉｃｅ               ｏｆ               ｔｈｅ               ｐｉｅ.

Ｔｈｅ               ｐｉｅ               ｉｓ               ｙｏｕｒ               ｕｎｄｅｒ               ｂａｋｅｄ               ｍｏｒｔｇａｇｅ.

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               Ｔｈｅ               Ｇｌａｓｓ-Ｓｔｅｇａｌｌ               Ａｃｔ               ｗａｓ               ｂｒｏｕｇｈｔ               ｉｎｔｏ               ｌａｗ               ｉｎ               1933.

Ｉｔ               ｐｒｏｈｉｂｉｔｅｄ               ｂａｎｋｓ               ａｎｄ               ｉｎｖｅｓｔｍｅｎｔ               ｂａｎｋｓ               ｆｒｏｍ               ｃｏｍｂｉｎｉｎｇ               ｗｈｉｃｈ               ｒｅｓｕｌｔｅｄ               ｉｎ               ｔｈｅ               Ｇｒｅａｔ               Ｓｔｏｃｋ               Ｍａｒｋｅｔ               Ｃｏｌｌａｐｓｅ               ｏｆ               1929,               ａｎｄ               ｔｈｅ               Ｇｒｅａｔ               Ｄｅｐｒｅｓｓｉｏｎ.

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               Ｔｈｅ               Ｇｌａｓｓ-Ｓｔｅｇａｌｌ               Ａｃｔ               ｏｆ               1933               ｗｈｉｃｈ               ｐｒｏｈｉｂｉｔｅｄ               ｂａｎｋｓ               ａｎｄ               ｉｎｖｅｓｔｍｅｎｔ               ｂａｎｋｓ               ｆｒｏｍ               ｉｎｔｅｇｒａｔｉｎｇ               ｗａｓ               ｅｎａｃｔｅｄ               ｔｏ               ｐｒｅｖｅｎｔ               ａｎｏｔｈｅｒ               "Ｇｒｅａｔ               Ｄｅｐｒｅｓｓｉｏｎ".

Ｅｃｏｎｏｍｉｓｔｓ               ａｔ               ｔｈａｔ               ｔｉｍｅ               ｐｉｎｐｏｉｎｔｅｄ               ｔｈｅ               ｂａｎｋｓ               ｓｐｅｃｕｌａｔｉｖｅ               ｉｎｖｅｓｔｍｅｎｔｓ               ａｓ               ｔｈｅ               ｇｒｅｅｄ               ｔｈａｔ               ｌｅａｄ               ｔｏ               ｔｈｅ               ｅｃｏｎｏｍｉｃ               ｍｅｌｔｄｏｗｎ               ｏｆ               1933.

Ｔｈｒｏｕｇｈｏｕｔ               ｔｈｅ               1920ｓ               ａ               ｌｏｎｇ               ｂｏｏｍ               ｔｏｏｋ               ｓｔｏｃｋ               ｐｒｉｃｅｓ               ｔｏ               ｐｅａｋｓ               ｎｅｖｅｒ               ｂｅｆｏｒｅ               ｓｅｅｎ.

Ｆｒｏｍ               1920               ｔｏ               1929               ｓｔｏｃｋｓ               ｍｏｒｅ               ｔｈａｎ               ｑｕａｄｒｕｐｌｅｄ               ｉｎ               ｖａｌｕｅ.

Ｍａｎｙ               ｉｎｖｅｓｔｏｒｓ               ｂｅｃａｍｅ               ｃｏｎｖｉｎｃｅｄ               ｔｈａｔ               ｓｔｏｃｋｓ               ｗｅｒｅ               ａ               ｓｕｒｅ               ｔｈｉｎｇ               ａｎｄ               ｂｏｒｒｏｗｅｄ               ｈｅａｖｉｌｙ               ｔｏ               ｉｎｖｅｓｔ               ｍｏｒｅ               ｍｏｎｅｙ               ｉｎ               ｔｈｅ               ｍａｒｋｅｔ.
               Ｂｕｔ               ｉｎ               1929,               ｗｉｔｈ               ｔｈｅ               Ｓｔｏｃｋ               Ｍａｒｋｅｔ               Ｃｒａｓｈ,               ｔｈｅ               ｂｕｂｂｌｅ               ｂｕｒｓｔ               ａｎｄ               ｓｔｏｃｋｓ               ｓｔａｒｔｅｄ               ｄｏｗｎ               ａ               ｐｒｅｃｉｐｉｔｏｕｓ               ｃｌｉｆｆ.

Ｉｎ               1932               ａｎｄ               1933,               ｔｈｅｙ               ｈｉｔ               ｂｏｔｔｏｍ,               ｄｏｗｎ               ａｂｏｕｔ               80%               ｆｒｏｍ               ｔｈｅｉｒ               ｈｉｇｈｓ               ｉｎ               ｔｈｅ               ｌａｔｅ               1920'ｓ.

Ｄｅｍａｎｄ               ｆｏｒ               ｇｏｏｄｓ               ｄｅｃｌｉｎｅｄ               ｂｅｃａｕｓｅ               ｐｅｏｐｌｅ               ｆｅｌｔ               ｐｏｏｒ               ｂｅｃａｕｓｅ               ｏｆ               ｔｈｅｉｒ               ｌｏｓｓｅｓ               ｉｎ               ｔｈｅ               ｓｔｏｃｋ               ｍａｒｋｅｔ.

Ｎｅｗ               ｉｎｖｅｓｔｍｅｎｔ               ｃｏｕｌｄ               ｎｏｔ               ｂｅ               ｆｉｎａｎｃｅｄ               ｔｈｒｏｕｇｈ               ｔｈｅ               ｓａｌｅ               ｏｆ               ｓｔｏｃｋ,               ｂｅｃａｕｓｅ               ｎｏ               ｏｎｅ               ｗｏｕｌｄ               ｂｕｙ               ｔｈｅ               ｎｅｗ               ｓｔｏｃｋ.

Ｔｈｉｓ               ｓｌｉｄｅ               ｔｏｗａｒｄ               ｔｈｅ               ｂｏｔｔｏｍ               ｉｓ               ｗｈａｔ               ｈｉｓｔｏｒｉａｎｓ               ｎｏｗ               ｃａｌｌ               ｔｈｅ               Ｇｒｅａｔ               Ｄｅｐｒｅｓｓｉｏｎ.

2               Ｈｕｍ,               ｓｏｕｎｄ               ｆａｍｉｌｉａｒ.

Ｋｉｎｄ               ｏｆ               ｌｉｋｅ               ｆａｌｌｉｎｇ               ｈｏｍｅ               ｐｒｉｃｅｓ,               ｎｏ               ｖａｌｕｅ               ｂｅｈｉｎｄ               ｍｏｒｔｇａｇｅ               ｓｅｃｕｒｉｔｉｅｓ,               ｐｅｏｐｌｅ               ｏｕｔ               ｏｆ               ｗｏｒｋ,               ｓｔｏｃｋ               ｍａｒｋｅｔ               ｌｏｓｓｅｓ,               ｔｉｇｈｔ               ｃｒｅｄｉｔ;               ｓｏｕｎｄｓ               ｌｉｋｅ               2008,               ｄｏｅｓｎ'ｔ               ｉｔ?
               Ｔｈｅ               Ｆｉｎａｎｃｉａｌ               Ｓｅｒｖｉｃｅｓ               Ｍｏｄｅｒｎｉｚａｔｉｏｎ               Ａｃｔ               ｏｆ               1999               ｓｉｘｔｙ-ｓｉｘ               ｙｅａｒｓ               ｌａｔｅｒ               ｏｎｃｅ               ａｇａｉｎ               ｐｅｒｍｉｔｔｅｄ               ｃｒｏｓｓ-ｏｗｎｅｒｓｈｉｐ               ｏｆ               ｂａｎｋｉｎｇ,               ｉｎｓｕｒａｎｃｅ               ａｎｄ               ｓｅｃｕｒｉｔｉｅｓ               ｆｉｒｍｓ,               ａｎｄ               ｉｔ               ｈａｓ               ａｄｄｅｄ               ｔｏ               ｔｈｅ               ｐｒｅｓｓｕｒｅ               ｔｏ               ｃｏｎｓｏｌｉｄａｔｅ               ｐｒｏｄｕｃｔ               ｓａｌｅｓ               ａｎｄ               ａｄｖｉｓｏｒｙ               ｓｅｒｖｉｃｅｓ               ｉ.ｅ.

ｆｉｎａｎｃｉａｌ               ｐｌａｎｎｉｎｇ               ｕｎｄｅｒ               ｏｎｅ               ｒｏｏｆ               ｗｉｔｈｏｕｔ               ｃｈａｎｇｉｎｇ               ｔｈｅ               ｒｅｇｕｌａｔｏｒｙ               ｉｎｓｔｉｔｕｔｉｏｎｓ.

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               Ｓｏ               ｗｈｙ               ｄｉｄ               ｗｅ               ｔｈｉｎｋ               ｔｈａｔ               ｌｉｆｔｉｎｇ               ｔｈｅ               ｒｅｑｕｉｒｅｍｅｎｔ               ｔｈａｔ               ｋｅｐｔ               ｂａｎｋｉｎｇ,               ａｎｄ               ｉｎｖｅｓｔｍｅｎｔ               ｈｏｕｓｅｓ               ｓｅｐａｒａｔｅ               ｉｎ               ｏｕｒ               ｎｅｗ               ｅｎｌｉｇｈｔｅｎｅｄ               ｔｅｃｈｎｏｌｏｇｉｃａｌ               ｍｏｄｅｒｎ               ａｇｅ               ｗｏｕｌｄ               ｂｅ               ａｎｙ               ｄｉｆｆｅｒｅｎｔ,               ｎｏｗ?

Ｄｏｅｓ               ｇｒｅｅｄ               ｃｈａｎｇｅ?

Ｉ               ｄｏｎ'ｔ               ｔｈｉｎｋ               ｓｏ.
               Ｏｕｒ               ｅｎｌｉｇｈｔｅｎｅｄ               20ｔｈ               ｃｅｎｔｕｒｙ               Ｃｏｎｇｒｅｓｓ               ｔｈｏｕｇｈｔ               ｔｈａｔ               ｗｅｒｅ               ｍｕｃｈ               ｍｏｒｅ               ａｄｖａｎｃｅｄ,               ａｎｄ               ａｂｏｖｅ               ｔｈｅｓｅ               ｓａｆｅｇｕａｒｄｓ.

Ｗｈａｔ'ｓ               ｔｈａｔ               ｏｌｄ               ｓａｙｉｎｇ?

"Ｐｒｉｄｅ               ｇｏｅｓ               ｂｅｆｏｒｅ               ｄｅｓｔｒｕｃｔｉｏｎ,               ｈａｕｇｈｔｉｎｅｓｓ               ｂｅｆｏｒｅ               ａ               ｆａｌｌ."               3
               Ｉｎ               ｔｈｅ               21ｓｔ               ｃｅｎｔｕｒｙ,               ｗｈｅｎ               ｉｎｖｅｓｔｍｅｎｔ               ｂａｎｋｓ               ｓａｗ               ｔｈｏｓｅ               ｓｏ               ｃａｌｌｅｄ               ｌｕｃｒａｔｉｖｅ               ｍｏｒｔｇａｇｅ               ｄｅｒｉｖａｔｉｖｅｓ               ｔｈｅｙ               ｂｏｕｇｈｔ               ｔｈｅｍ               ｕｐ               ｉｎ               ｈｕｇｅ               ｑｕａｎｔｉｔｉｅｓ;               ｈｏｗｅｖｅｒ,               ｗｈｅｎ               ｈｏｍｅｏｗｎｅｒｓ               ｓｔｏｐｐｅｄ               ｐａｙｉｎｇ               ｔｈｅｉｒ               ｍｏｒｔｇａｇｅｓ               ｄｕｅ               ｔｏ               ｊｏｂ               ｌｏｓｓｅｓ,               ｅｔｃ,               ｔｈｅｒｅ               ｗａｓ               ｎｏｔｈｉｎｇ               ｏｆ               ｓｕｂｓｔａｎｔｉａｌ               ｗｏｒｔｈ               ｂａｎｋｉｎｇ               ｔｈｏｓｅ               ｄｅｒｉｖａｔｉｖｅｓ.

Ａｎｏｔｈｅｒ               ｍａｒｋｅｔ               ｃｒａｓｈ,               ｂｕｔ               ｔｈｉｓ               ｔｉｍｅ               ｉｔ               ｗａｓ               ｐｒｅｃｉｐｉｔａｔｅｄ               ｂｙ               ａ               ｃｒｅｄｉｔ               ｃｒａｓｈ.

Ｂａｎｋｓ               ｓｔｏｐｐｅｄ               ｌｅｎｄｉｎｇ               ｅａｃｈ               ｏｔｈｅｒ               ｍｏｎｅｙ.

Ｔｈｅｙ               ａｌｓｏ               ｓｔｏｐｐｅｄ               ｌｅｎｄｉｎｇ               ｓｍａｌｌ,               ａｎｄ               ｌａｒｇｅ               ｂｕｓｉｎｅｓｓｅｓ               ｍｏｎｅｙ,               ａｎｄ               ｔｈｅｙ               ｓｔｏｐｐｅｄ               ｌｅｎｄｉｎｇ               ｃｏｎｓｕｍｅｒｓ               ｍｏｎｅｙ.

1               Ｗｈａｔ'ｓ               ｔｈａｔ               ｏｌｄ               ｓａｙｉｎｇ,               "Ｈｅ               ｗｈｏ               ｄｏｅｓｎ'ｔ               ｓｔｕｄｙ               ｈｉｓｔｏｒｙ,               ｉｓ               ｄｏｏｍｅｄ               ｔｏ               ｒｅｐｅａｔ               ｉｔ."
               Ｏｈ,               ａｎｄ               ｇｕｅｓｓ               ｗｈｏ               ｗａｓ               Ｐｒｅｓｉｄｅｎｔ               ｉｎ               1999               ｗｈｅｎ               ｔｈｉｓ               ｂａｄ               ｌｅｇｉｓｌａｔｉｏｎ,               ｔｈａｔ               ｒｅｐｅａｌｅｄ               ｔｈｅ               ｓａｆｅｇｕａｒｄｓ               ｉｎｓｔｉｔｕｔｅｄ               ｂｙ               ｏｕｒ               Ａｍｅｒｉｃａｎ               ａｎｃｅｓｔｏｒｓ               ｃａｍｅ               ａｂｏｕｔ?

Ｐｒｅｓｉｄｅｎｔ               Ｂｉｌｌ               Ｃｌｉｎｔｏｎ,               ａ               Ｄｅｍｏｃｒａｔ,               ｗｈｏ               ｓｉｇｎｅｄ               ｔｈｅ               Ｆｉｎａｎｃｉａｌ               Ｓｅｒｖｉｃｅｓ               Ｍｏｄｅｒｎｉｚａｔｉｏｎ               Ａｃｔ               ｉｎｔｏ               ｌａｗ.

Ａｎｄ               ｄｏｎ'ｔ               ｆｏｒｇｅｔ               ｂｏｔｈ               ｐａｒｔｉｅｓ               ｉｎ               Ｃｏｎｇｒｅｓｓ               ｗｈｏ               ｖｏｔｅｄ               ｆｏｒ               ｔｈｅ               ｄｅｒｅｇｕｌａｔｉｏｎ.

Ｓｏ               ｂｅｓｉｄｅｓ               Ｐｒｅｓｉｄｅｎｔ               Ｃｌｉｎｔｏｎ,               ｔｈｅ               ｂａｎｋｓ,               ｔｈｅ               ｉｎｖｅｓｔｍｅｎｔ/ｂａｎｋｉｎｇ               ｌｏｂｂｙｉｓｔｓ               ａｎｄ               Ｃｏｎｇｒｅｓｓ,               ｌｅｔ'ｓ               ｓａｙ               ｗｅ               ｂｌａｍｅ               ｔｈｅ               ｓｐｏｎｓｏｒｓ               ｏｆ               ｔｈｅ               ｂｉｌｌ,               Ｓｅｎａｔｏｒ               Ｗｉｌｌｉａｍ               Ｇｒａｍｍ,               Ｒｅｐｕｂｌｉｃａｎ,               Ｃｏｎｇｒｅｓｓｍａｎ               Ｊｉｍ               Ｌｅａｃｈ,               Ｒｅｐｕｂｌｉｃａｎ,               ａｎｄ               Ｓｅｎａｔｏｒ               Ｔｏｍ               Ｂｉｌｅｙ,               Ｒｅｐｕｂｌｉｃａｎ!

Ｙｅｓ,               Ｉ               ｋｎｏｗ               Ｉ               ｓａｉｄ               ｄｏｎ'ｔ               ｂｌａｍｅ               ｔｈｅ               Ｒｅｐｕｂｌｉｃａｎｓ,               ｂｕｔ               ａｌｔｈｏｕｇｈ               ｔｈｅｙ               ｗｅｒｅ               ａｌｌ               Ｒｅｐｕｂｌｉｃａｎｓ,               ａｔ               ｔｈｅ               ｔｉｍｅ               ｏｆ               ｔｈｅ               ｂｉｌｌ'ｓ               ｐａｓｓａｇｅ,               Ｓｅｎａｔｏｒ               Ｗｉｌｌｉａｍ               Ｇｒａｍｍ,               ｈａｄ               ｓｗｉｔｃｈｅｄ               ｐａｒｔｉｅｓ               ｆｒｏｍ               Ｄｅｍｏｃｒａｔ               ｔｏ               Ｒｅｐｕｂｌｉｃａｎ.

Ｉ               ｇｕｅｓｓ               ｙｏｕ               ｃｏｕｌｄ               ｃａｌｌ               ｈｉｍ               ａ               ｈａｌｆ               ｂａｋｅｄ               Ｄｅｍｏｃｒａｔ.
               Ａｎｄ               ｙｅｓ,               Ｉ               ｋｎｏｗ               ｔｈａｔ               Ｓｅｎａｔｏｒ               Ｗｉｌｌｉａｍ               Ｇｒａｍｍ,               ｐａｒｔｌｙ               ｒｅｓｐｏｎｓｉｂｌｅ               ｆｏｒ               ｔｈｉｓ               ｃｏｕｎｔｒｙ'ｓ               ｅｃｏｎｏｍｉｃ               ｄｅｍｉｓｅ               ｗａｓ               Ｓｅｎａｔｏｒ               Ｊｏｈｎ               ＭｃＣａｉｎ'ｓ               ｅｃｏｎｏｍｉｃ               ａｄｖｉｓｏｒ               ｆｏｒ               ｈｉｓ               Ｒｅｐｕｂｌｉｃａｎ               ｃａｍｐａｉｇｎ               ｆｏｒ               ｔｈｅ               Ｐｒｅｓｉｄｅｎｃｙ,               ｕｎｔｉｌ               Ｓｅｎａｔｏｒ               Ｇｒａｍｍ               ｗａｓ               ｑｕｏｔｅｄ               ｉｎ               ｔｈｅ               ｐｒｅｓｓ               ａｓ               ｓａｙｉｎｇ,               "Ｗｅ               ｈａｖｅ               ｓｏｒｔ               ｏｆ               ｂｅｃｏｍｅ               ａ               ｎａｔｉｏｎ               ｏｆ               ｗｈｉｎｅｒｓ.

Ｙｏｕ               ｊｕｓｔ               ｈｅａｒ               ｔｈｉｓ               ｃｏｎｓｔａｎｔ               ｗｈｉｎｉｎｇ,               ｃｏｍｐｌａｉｎｉｎｇ               ａｂｏｕｔ               ａ               ｌｏｓｓ               ｏｆ               ｃｏｍｐｅｔｉｔｉｖｅｎｅｓｓ,               Ａｍｅｒｉｃａ               ｉｎ               ｄｅｃｌｉｎｅ."
               ＭｃＣａｉｎ,               Ｒｅｐｕｂｌｉｃａｎ               ｃａｎｄｉｄａｔｅ               ｆｏｒ               Ｐｒｅｓｉｄｅｎｔ,               ｔｈｅｎ               ｄｉｓｔａｎｃｅｄ               ｈｉｍｓｅｌｆ               ｆｒｏｍ               Ｓｅｎａｔｏｒ               Ｗｉｌｌｉａｍ               Ｇｒａｍｍ.

4               ＭｃＣａｉｎ               ｗａｓ               ａ               ｓｍａｒｔ               ｍａｎ,               ｂｅｃａｕｓｅ               ａｓ               ｔｈｅ               Ｇｏｏｄ               Ｂｏｏｋ               ｓａｙｓ,               "Ｉｆ               ｙｏｕ               ａｒｅ               ｌｏｏｋｉｎｇ               ｆｏｒ               ａｄｖｉｃｅ               ｓｔａｙ               ａｗａｙ               ｆｒｏｍ               ｆｏｏｌｓ."               3
               Ｂｕｔ               ｔｈｅ               ｓｅｅｄｓ               ｏｆ               ｔｏｄａｙ'ｓ               ｍｏｒｔｇａｇｅ               ｍｅｌｔｄｏｗｎ               ａｃｔｕａｌｌｙ               ｇｏ               ｂａｃｋ               ｔｏ               ｂｅｆｏｒｅ               Ｊｏｈｎ               ＭｃＣａｉｎ'ｓ               ａｒｒｉｖａｌ               ｏｎ               ｔｈｅ               ｎａｔｉｏｎａｌ               ｓｃｅｎｅ               ｔｏ               1977,               ｗｈｅｎ               Ｊｉｍｍｙ               Ｃａｒｔｅｒ               ｗａｓ               Ｐｒｅｓｉｄｅｎｔ,               ａ               Ｄｅｍｏｃｒａｔ.

Ｔｈｅ               Ｃｏｍｍｕｎｉｔｙ               Ｒｅｉｎｖｅｓｔｍｅｎｔ               Ａｃｔ               ｏｆ               1977,               ａｎｄ               ｉｔｓ               ｒｅｃｅｎｔ               ｕｎｗｉｓｅ               ａｍｅｎｄｍｅｎｔｓ,               ｗａｓ               ｍｅａｎｔ               ｔｏ               ｅｎｃｏｕｒａｇｅ               ｂａｎｋｓ               ｔｏ               ｍａｋｅ               ｌｏａｎｓ               ｔｏ               ｈｉｇｈ-ｒｉｓｋ               ｂｏｒｒｏｗｅｒｓ,               ｏｆｔｅｎ               ｍｉｎｏｒｉｔｉｅｓ               ｌｉｖｉｎｇ               ｉｎ               ｕｎｓｔａｂｌｅ               ｎｅｉｇｈｂｏｒｈｏｏｄｓ.

Ａｎｙ               ｂａｎｋ               ｔｈａｔ               ｗａｎｔｅｄ               ｔｏ               ｅｘｐａｎｄ               ｏｒ               ｍｅｒｇｅ               ｗｉｔｈ               ａｎｏｔｈｅｒ               ｈａｄ               ｔｏ               ｓｈｏｗ               ｉｔ               ｈａｓ               ｃｏｍｐｌｉｅｄ               ｗｉｔｈ               ＣＲＡ               -               ａｎｄ               ａｐｐｒｏｖａｌ               ｗａｓ               ｈｅｌｄ               ｕｐ               ｂｙ               ｃｏｍｐｌａｉｎｔｓ               ｆｉｌｅｄ               ｂｙ               ｇｒｏｕｐｓ               ｌｉｋｅ               ＡＣＯＲＮ,               ｔｈｅ               Ａｓｓｏｃｉａｔｉｏｎ               ｏｆ               Ｃｏｍｍｕｎｉｔｙ               Ｏｒｇａｎｉｚａｔｉｏｎｓ               ｆｏｒ               Ｒｅｆｏｒｍ               Ｎｏｗ.

Ｔｈｅ               ｓａｍｅ               ｏｒｇａｎｉｚａｔｉｏｎ               ｔｈａｔ               Ｂａｒａｃｋ               Ｏｂａｍａ,               Ｄｅｍｏｃｒａｔｉｃ               ｃａｎｄｉｄａｔｅ               ｆｏｒ               Ｐｒｅｓｉｄｅｎｔ,               ａｎｄ               ｎｏｗ               Ｐｒｅｓｉｄｅｎｔ-ｅｌｅｃｔ               ｗｏｒｋｅｄ               ｗｉｔｈ               ｉｎ               ｔｈｅ               '90'ｓ.5
               Ｏｆ               ｃｏｕｒｓｅ,               ｉｔ               ｗａｓｎ'ｔ               ｏｎｌｙ               ｆｅｄｅｒａｌ               ｌａｗ               ｔｈａｔ               ｅｎｃｏｕｒａｇｅｄ               ｕｎｗｉｓｅ               ｉｎｖｅｓｔｉｎｇ.

Ｉｔ               ｗａｓ               ａｌｓｏ               ｔｈｅ               ｍｏｒｔｇａｇｅ               ｃｏｍｐａｎｉｅｓ               ｅｘｅｃｕｔｉｖｅｓ,               ａｌｏｎｇ               ｗｉｔｈ               ｔｈｅ               ｂａｎｋｉｎｇ               ｃｏｍｍｕｎｉｔｙ.

Ｔｈｅ               ｇｒｏｗｉｎｇ               ｔｒｅｎｄ               ｗａｓ               ｔｈａｔ               ｍｏｒｔｇａｇｅ               ｃｏｍｐａｎｉｅｓ               ｇａｖｅ               ｌｏａｎｓ               ｔｏ               ｎｏｎｃｒｅｄｉｔ               ｗｏｒｔｈｙ               ｂｏｒｒｏｗｅｒｓ,               ｗｉｔｈｏｕｔ               ｖｅｒｉｆｙｉｎｇ               ｉｎｃｏｍｅ,               ａｎｄ               ａｂｉｌｉｔｙ               ｔｏ               ｐａｙ.

Ｔｈｅｙ               ｗｅｒｅ               ｂａｎｋｉｎｇ               ｏｎ               ｈｏｍｅ               ｐｒｉｃｅｓ               ｏｎｌｙ               ｇｏｉｎｇ               ｕｐ,               ｎｏｔ               ｄｏｗｎ.

Ｗｈａｔ'ｓ               ｔｈｅ               ｏｌｄ               ｓａｙｉｎｇ?

"Ｗｈａｔ               ｇｏｅｓ               ｕｐ,               ｍｕｓｔ               ｃｏｍｅ               ｄｏｗｎ."
               Ａｌｓｏ,               ｓｈａｒｉｎｇ               ｔｈｅ               ｂｌａｍｅ               ｆｏｒ               ｔｈｅ               ｆａｌｌ               ｏｆ               ｔｈｅ               ｃｌｉｆｆ,               ｔｈｅ               ｃｒｅｄｉｔｏｒｓ.

Ｏｎｅｓ               ｔｈａｔ               ｌｉｅｄ               ａｎｄ               ｆａｂｒｉｃａｔｅｄ               ｉｎｃｏｍｅ               ｂｅｃａｕｓｅ               ｔｈｅｙ               ｋｎｅｗ               ｎｏ               ｏｎｅ               ｗｏｕｌｄ               ｃｈｅｃｋ.

Ｂｌａｍｅ               ｓｏｍｅ               ｏｆ               ｔｈｅ               ａｐｐｒａｉｓｅｒｓ,               ａｌｓｏ,               ｂｅｃａｕｓｅ               ｔｈｅｙ               ｐａｒｔｉｃｉｐａｔｅｄ               ｉｎ               ｋｉｃｋｂａｃｋ               ｓｃｈｅｍｅｓ               ｉｎｖｏｌｖｉｎｇ               ｃａｓｈ-ｂａｃｋ               ｄｅａｌｓ.

Ｂｌａｍｅ               ｔｈｅ               ｈｏｍｅｏｗｎｅｒｓ               ｗｈｏ               ｗｅｒｅ               ｉｎ               ｌｅａｇｕｅ               ｗｉｔｈ               ｔｈｅ               ａｐｐｒａｉｓｅｒｓ.

Ａｎｄ               ｂｌａｍｅ               ｔｈｅ               Ｓｔａｔｅ               ｇｏｖｅｒｎｍｅｎｔｓ,               ｍａｄｅ               ｕｐ               ｏｆ               Ｇｏｖｅｒｎｏｒｓ,               ａｎｄ               ｌｅｇｉｓｌａｔｏｒｓ,               ｗｈｏ               ｃｏｕｌｄ               ｈａｖｅ               ｒｅｇｕｌａｔｅｄ,               ａｎｄ               ｌｉｃｅｎｓｅｄ               ａｐｐｒａｉｓｅｒｓ,               ｔｉｔｌｅ               ｃｏｍｐａｎｉｅｓ,               ａｎｄ               ｍｏｒｔｇａｇｅ               ｃｏｍｐａｎｉｅｓ,               ｂｕｔ               ｄｉｄｎ'ｔ.

Ａｎｄ               ｂｌａｍｅ               ｔｈｅ               ｐｏｌｉｃｅ,               ａｎｄ               ｙｏｕｒ               ｓｔａｔｅ               ａｔｔｏｒｎｅｙ               ｇｅｎｅｒａｌｓ               ｗｈｏ               ｃｏｕｌｄ               ｏｆ               ｐｕｔ               ｔｈｅ               ｃｒｏｏｋｓ               ｉｎ               ｊａｉｌ,               ｂｕｔ               ｄｉｄｎ'ｔ.
               Ｗｈａｔ               ａｒｅ               ｔｈｏｓｅ               ｅｖｉｌ               ａｐｐｒａｉｓａｌ               ｋｉｃｋｂａｃｋ               ｓｃｈｅｍｅｓ,               ｙｏｕ               ａｓｋ?

Ｉｔ               ｉｎｖｏｌｖｅｄ               ｇｅｔｔｉｎｇ               ａ               ｍｏｒｔｇａｇｅ               ｆｏｒ               ｍｏｒｅ               ｔｈａｎ               ａ               ｈｏｕｓｅ'ｓ               ｓａｌｅｓ               ｐｒｉｃｅ               ｏｒ               ｍｏｒｅ               ｔｈａｎ               ｉｔ'ｓ               ｗｏｒｔｈ.

Ｔｈｏｓｅ               ｉｎｖｏｌｖｅｄ               ｉｎ               ｔｈｅ               ｓｃｈｅｍｅ               ｔｈｅｎ               ｓｐｌｉｔ               ｔｈｅ               ｅｘｔｒａ               ｃａｓｈ.

Ｉｔ               ｗａｓ               ａ               ｃａｓｈ-ｂａｃｋ               ｄｅａｌ.
               Ａ               ｃａｓｈ-ｂａｃｋ               ｄｅａｌ               ｕｓｕａｌｌｙ               ｒｅｌｉｅｄ               ｏｎ               ａｎ               ｉｎｆｌａｔｅｄ               ａｐｐｒａｉｓａｌ.

Ｔｙｐｉｃａｌｌｙ,               ｔｈｅ               ｂｕｙｅｒ,               ａｐｐｒａｉｓｅｒ,               ｍｏｒｔｇａｇｅ               ｂｒｏｋｅｒ,               ｒｅａｌ-ｅｓｔａｔｅ               ａｇｅｎｔ,               ｅｓｃｒｏｗ               ｏｆｆｉｃｅｒ               ａｎｄ,               ｓｏｍｅｔｉｍｅｓ,               ｔｈｅ               ｓｅｌｌｅｒ,               ａｒｅ               ｉｎ               ｏｎ               ｔｈｅ               ｓｃｈｅｍｅ               ａｎｄ               ｓｐｌｉｔ               ｔｈｅ               ｅｘｔｒａ               ｃａｓｈ,6               ｂｅｃａｕｓｅ               ａｓ               ｙｏｕ               ｋｎｏｗ,               "Ｗｉｃｋｅｄｎｅｓｓ               ｌｏｖｅｓ               ｃｏｍｐａｎｙ."               3               Ｂｅｙｏｎｄ               ｄｅｆｒａｕｄｉｎｇ               ｔｈｅ               ｌｅｎｄｅｒ,               ｔｈｅ               ｓｃａｍｓ               ｈａｖｅ               ｈｕｒｔ               ｔｈｅ               ｎａｔｉｏｎａｌ               ｈｏｕｓｉｎｇ               ｍａｒｋｅｔ,               ｅｃｏｎｏｍｙ,               ａｎｄ               ｍｏｒｔｇａｇｅ               ｃｒｉｓｉｓ,               ｌｅａｄｉｎｇ               ｔｏ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｍｅｌｔｄｏｗｎ.

Ｉｎｆｌａｔｅｄ               ｍｏｒｔｇａｇｅｓ               ｔｅｎｄｅｄ               ｔｏ               ｄｅｖａｌｕｅ               ｔｈｅ               ｒｅａｌ               ｖａｌｕｅ               ｏｆ               ｔｈｅ               ｈｏｕｓｅ,               ａｎｄ               ｔｈｕｓ               ｉｎ               ｔｕｒｎ               ｄｅｖａｌｕａｔｅ               ｔｈｅ               ｍｏｒｔｇａｇｅ               ｓｅｃｕｒｉｔｉｅｓ,               ｍｏｒｔｇａｇｅ               ｄｅｒｉｖａｔｉｖｅｓ               ｔｈａｔ               ａｒｅ               ｂａｓｅｄ               ｏｎ               ｔｈｅ               ｉｎｆｌａｔｅｄ               ｍｏｒｔｇａｇｅｓ.6
               Ｄｉｄ               ｔｈｅ               ｉｎｄｉｖｉｄｕａｌ               ｓｃｈｅｍｅｒ               ｔｈｉｎｋ               ｈｅ               ｗａｓ               ｔｅａｒｉｎｇ               ｄｏｗｎ               ｔｈｅ               ｆａｂｒｉｃ               ｏｆ               ｔｈｅ               ｅｃｏｎｏｍｙ?

Ｄｉｄ               ｈｅ               ｋｎｏｗ               ｔｈａｔ               ｍａｎｙ               ｐｅｏｐｌｅ               ｗｅｒｅ               ｄｏｉｎｇ               ｔｈｅ               ｓａｍｅ?

Ｄｉｄ               ｈｅ               ｃａｒｅ?

Ｈｅ               ｐｒｏｂａｂｌｙ               ｔｈｏｕｇｈｔ,               ｉｔ               ｗａｓ               ａ               ｖｉｃｔｉｍｌｅｓｓ               ｃｒｉｍｅ.

Ｔｈｅ               ｏｎｌｙ               ｖｉｃｔｉｍ               ｔｈｅ               ｂａｎｋ.

Ａ               ｂａｎｋ               ｉｓｎ'ｔ               ａ               ｒｅａｌ               ｐｅｒｓｏｎ               ｉｓ               ｉｔ?

Ｂｌａｍｅ               ｔｈｅ               ｌａｃｋ               ｏｆ               ｍｏｒａｌｉｔｙ.

Ｂｌａｍｅ               ｔｈｅ               Ａｍｅｒｉｃａｎ               ｃｕｌｔｕｒｅ.
               Ｂｕｔ               ｗｈａｔ               ａｂｏｕｔ               ｔｈｅ               ｌａｗ?

Ｉｓｎ'ｔ               ｔｈｉｓ               ａ               ｃｒｉｍｅ?

Ｙｅｓ,               ｂｕｔ               ｅｖｅｎ               ｔｈｏｕｇｈ               ｔｈｉｓ               ｃｒｉｍｅ               ｉｓ               ｐｒｏｓｅｃｕｔａｂｌｅ,               ｄｏｅｓ               ｙｏｕｒ               ｓｔａｔｅ               ｈａｖｅ               ｅｎｏｕｇｈ               ｒｅｓｏｕｒｃｅｓ               ｔｏ               ｃｏｍｂａｔ               ｉｔ?

Ｆｅｌｅｃｉａ               Ｒｏｔｅｌｌｉｎｉ               ｏｆ               ｔｈｅ               Ｄｅｐａｒｔｍｅｎｔ               ｏｆ               Ｆｉｎａｎｃｉａｌ               Ｉｎｓｔｉｔｕｔｉｏｎｓ,               ｗｈｏ               ｈｅａｄｓ               Ａｒｉｚｏｎａ'ｓ               Ｍｏｒｔｇａｇｅ               Ｆｒａｕｄ               Ｔａｓｋ               Ｆｏｒｃｅ               ｄｏｅｓｎ'ｔ               ｔｈｉｎｋ               ｓｏ.

Ｔｈｅ               Ｓｔａｔｅ               ｂｕｄｇｅｔ               ｄｉｄｎ'ｔ               ｇｉｖｅ               ｈｅｒ               ｅｎｏｕｇｈ               ｍｏｎｅｙ               ｔｏ               ｉｎｖｅｓｔｉｇａｔｅ               ｔｈｉｓ               ｃｒｉｍｅ.

Ｓｏ               ｂｌａｍｅ               ｔｈｅ               Ｓｔａｔｅ               ｇｏｖｅｒｎｏｒｓ,               ａｎｄ               ｌｅｇｉｓｌａｔｏｒｓ...

6
               Ｏｋａｙ,               ｗｈｏ               ｉｓ               ｎｅｘｔ               ｉｎ               ｔｈｉｓ               ｅｃｏｎｏｍｉｃ               ｃｒｉｓｉｓ?

Ｂｌａｍｅ               ｔｈｅ               ｈｅａｄ               ｅｘｅｃｕｔｉｖｅｓ               ｏｆ               Ｆａｎｎｉｅ               Ｍａｅ,               Ｄａｎｉｅｌ               Ｍｕｄｄ,               ａｎｄ               Ｆｒｅｄｄｉｅ               Ｍａｃ,               Ｒｉｃｈａｒｄ               Ｓｙｒｏｎ.

Ｗｈｙ               ｂｌａｍｅ               ｔｈｅｍ,               ｙｏｕ               ａｓｋ?
               Ｆａｎｎｉｅ               Ｍａｅ,               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｎａｔｉｏｎａｌ               Ｍｏｒｔｇａｇｅ               Ａｓｓｏｃｉａｔｉｏｎ,               ｆｏｕｎｄｅｄ               ｉｎ               1938,               ａｎｄ               Ｆｒｅｄｄｉｅ               Ｍａｃ,               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｈｏｍｅ               Ｌｏａｎ               Ｍｏｒｔｇａｇｅ               Ｃｏｒｐｏｒａｔｉｏｎ,               ｆｏｕｎｄｅｄ               ｉｎ               1970               ｗｅｒｅ               ｃｈａｒｔｅｒｅｄ               ｂｙ               Ｃｏｎｇｒｅｓｓ               ｔｏ               ｆｕｎｎｅｌ               ｍｏｎｅｙ               ｔｏ               ｍｏｒｔｇａｇｅ               ｌｅｎｄｅｒｓ               ａｎｄ               ｗｅｒｅ               ｒｅｑｕｉｒｅｄ               ｔｏ               ｄｅｖｏｔｅ               ａ               ｐｏｒｔｉｏｎ               ｏｆ               ｔｈｅｉｒ               ｂｕｓｉｎｅｓｓ               ｔｏ               ａｆｆｏｒｄａｂｌｅ               ｈｏｕｓｉｎｇ.

Ｔｈｅ               ｃｏｍｐａｎｉｅｓ               ｈａｖｅ               ｔｗｏ               ｍａｉｎ               ｌｉｎｅｓ               ｏｆ               ｂｕｓｉｎｅｓｓｅｓ:               Ｔｈｅｙ               ｐａｃｋａｇｅ               ｍｏｒｔｇａｇｅｓ               ｉｎｔｏ               ｓｅｃｕｒｉｔｉｅｓ               ｆｏｒ               ｓａｌｅ               ｔｏ               ｉｎｖｅｓｔｏｒｓ,               ａｎｄ               ｔｈｅｙ               ｍａｋｅ               ｉｎｖｅｓｔｍｅｎｔｓ               ｏｆ               ｔｈｅｉｒ               ｏｗｎ               ｉｎ               ｍｏｒｔｇａｇｅｓ               ａｎｄ               ｍｏｒｔｇａｇｅ-ｂａｃｋｅｄ               ｓｅｃｕｒｉｔｉｅｓ.
               Ｉｎ               Ｍａｙ               2006,               ｔｈｅ               Ｓｅｃｕｒｉｔｉｅｓ               ａｎｄ               Ｅｘｃｈａｎｇｅ               Ｃｏｍｍｉｓｓｉｏｎ               ｃｈａｒｇｅｄ               Ｆａｎｎｉｅ               Ｍａｅ               ｗｉｔｈ               ｃｉｖｉｌ               ａｃｃｏｕｎｔｉｎｇ               ｆｒａｕｄ.

Ｗｉｔｈｏｕｔ               ａｄｍｉｔｔｉｎｇ               ｏｒ               ｄｅｎｙｉｎｇ               ｗｒｏｎｇｄｏｉｎｇ,               Ｆａｎｎｉｅ               ａｇｒｅｅｄ               ｔｏ               ｐａｙ               ａ               $400               ｍｉｌｌｉｏｎ               ｐｅｎａｌｔｙ.

Ｔｈｅ               ｓｅｔｔｌｅｍｅｎｔ,               ｂａｒｔｅｒｅｄ               ｂｙ               ｔｈｅ               ＳＥＣ,               ａｎｄ               ｔｈｅ               Ｏｆｆｉｃｅ               ｏｆ               Ｆｅｄｅｒａｌ               Ｈｏｕｓｉｎｇ               Ｅｎｔｅｒｐｒｉｓｅ               Ｏｖｅｒｓｉｇｈｔ,               ｐｒｏｈｉｂｉｔｅｄ               Ｆａｎｎｉｅ               Ｍａｅ               ｆｒｏｍ               ｅｘｐａｎｄｉｎｇ               ｉｔｓ               ｉｎｖｅｓｔｍｅｎｔ               ｐｏｒｔｆｏｌｉｏ               ｂｅｙｏｎｄ               ｉｔｓ               2005               ｉｎｖｅｓｔｍｅｎｔ               ｓｉｚｅ.
               Ａｎｄ               Ｆｒｅｄｄｉｅ               Ｍａｃ?
               Ｉｎ               Ａｕｇｕｓｔ               2006,               ｃｉｔｉｎｇ               ｗｅａｋｎｅｓｓｅｓ               ｉｎ               Ｆｒｅｄｄｉｅ               Ｍａｃ'ｓ               ｉｎｔｅｒｎａｌ               ｓｙｓｔｅｍｓ,               ｔｈｅ               Ｏｆｆｉｃｅ               ｏｆ               Ｆｅｄｅｒａｌ               Ｈｏｕｓｉｎｇ               Ｅｎｔｅｒｐｒｉｓｅ               Ｏｖｅｒｓｉｇｈｔ,               Ｆｒｅｄｄｉｅ               Ｍａｅ'ｓ               ｒｅｇｕｌａｔｏｒｙ               ｂｏａｒｄ               ｐｒｅｖａｉｌｅｄ               ｉｎ               ａｓｋｉｎｇ               Ｆｒｅｄｄｉｅ               Ｍａｃ               ｔｏ               ｖｏｌｕｎｔａｒｉｌｙ               ｌｉｍｉｔ               ｉｔｓ               ｇｒｏｗｔｈ.

Ｔｈｅ               ａｇｒｅｅｍｅｎｔ               ｒｅｓｔｒｉｃｔｅｄ               ｔｈｅ               ｅｘｐａｎｓｉｏｎ               ｏｆ               Ｆｒｅｄｄｉｅ               Ｍａｃ'ｓ               ｍｏｒｔｇａｇｅ               ｉｎｖｅｓｔｍｅｎｔｓ,               ａ               ｍａｊｏｒ               ｓｏｕｒｃｅ               ｏｆ               ｐｒｏｆｉｔ,               ｕｎｔｉｌ               ｔｈｅ               ｃｏｍｐａｎｙ               ｒｅｔｕｒｎｓ               ｔｏ               ｔｉｍｅｌｙ               ｆｉｎａｎｃｉａｌ               ｒｅｐｏｒｔｉｎｇ.

Ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               ａｎｄ               ｏｔｈｅｒ               ｃｒｉｔｉｃｓ               ｗｅｒｅ               ｗｏｒｒｉｅｄ               ｔｈａｔ               ｔｈｅ               ｃｏｍｐａｎｉｅｓ'               ｈｏｌｄｉｎｇｓ               ｗｅｒｅ               ｓｏ               ｌａｒｇｅ               ｔｈａｔ               ｔｈｅｙ               ｃｏｕｌｄ               ｐｏｓｅ               ａ               ｒｉｓｋ               ｔｏ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｓｙｓｔｅｍ.

Ｗｈｉｌｅ               ｕｎｈａｐｐｙ               ａｂｏｕｔ               ｔｈｅ               ｕｎｔｉｍｅｌｙ               ｍａｎｎｅｒ               Ｆｒｅｄｄｉｅ               ｄｅｌｉｖｅｒｅｄ               ｉｔｓ               ａｎｎｕａｌ               ｆｉｎａｎｃｉａｌ               ｒｅｐｏｒｔｓ,               ｉｎ               Ｓｅｐｔｅｍｂｅｒ               ｏｆ               2006,               ｔｈｅ               Ｊｕｓｔｉｃｅ               Ｄｅｐａｒｔｍｅｎｔ               ｅｎｄｅｄ               ａ               ｃｒｉｍｉｎａｌ               ｐｒｏｂｅ               ｏｆ               Ｆｒｅｄｄｉｅ'ｓ               ａｃｃｏｕｎｔｉｎｇ               ｔｒａｎｓｇｒｅｓｓｉｏｎｓ               ｗｉｔｈｏｕｔ               ａｎｙ               ｐｒｏｓｅｃｕｔｉｏｎｓ.
               Ｓｉｎｃｅ               Ｆａｎｎｉｅ               Ｍａｅ,               ａｎｄ               Ｆｒｅｄｄｉｅ               Ｍａｃ               ａｒｅ               ｑｕａｓｉ-ｇｏｖｅｒｎｍｅｎｔａｌ               ｅｎｔｉｔｉｅｓ,               ｓｏｍｅ               ｍｅｍｂｅｒｓ               ｏｆ               Ｃｏｎｇｒｅｓｓ               ｗｅｒｅ               ｃｏｎｃｅｒｎｅｄ.

Ｉｎ               Ｍａｒｃｈ               ｏｆ               2007,               ｔｈｅ               Ｈｏｕｓｅ               Ｆｉｎａｎｃｉａｌ               Ｓｅｒｖｉｃｅｓ               Ｃｏｍｍｉｔｔｅｅ               ａｄｖａｎｃｅｄ               ａ               ｂｉｌｌ               ｔｈａｔ               ｗｏｕｌｄ               ｇｉｖｅ               ｒｅｇｕｌａｔｏｒｓ               ｔｈｅ               ａｂｉｌｉｔｙ               ｔｏ               ｒｅｓｔｒｉｃｔ               ｔｈｅ               ｓｃａｌｅ               ｏｆ               ｔｈｅ               ｃｏｍｐａｎｉｅｓ'               ｉｎｖｅｓｔｍｅｎｔｓ.
               Ｓｅｎａｔｏｒ               Ｊｏｈｎ               ＭｃＣａｉｎ               ｗａｎｔｅｄ               ｔｏ               ｃｕｒｔａｉｌ,               Ｄａｎｉｅｌ               Ｍｕｄｄ,               ａｎｄ               Ｒｉｃｈａｒｄ               Ｓｙｒｏｎ'ｓ               ｐｏｗｅｒ.

Ｓｅｎａｔｏｒ               ＭｃＣａｉｎ,               ｔｈｅ               Ｈｏｕｓｅ               Ｆｉｎａｎｃｉａｌ               Ｓｅｒｖｉｃｅｓ               Ｃｏｍｍｉｔｔｅｅ,               ａｎｄ               Ｐｒｅｓｉｄｅｎｔ               Ｇｅｏｒｇｅ               Ｂｕｓｈ               ｊｏｉｎｅｄ               ｆｏｒｃｅｓ               ａｎｄ               ｐｕｓｈｅｄ,               ｆｏｒ               ｌｅｇｉｓｌａｔｉｏｎ               ｔｈａｔ               ｗｏｕｌｄ               ｒｅｉｎ               ｔｈｅｍ               ｉｎ.
               Ｓｅｎａｔｏｒ               Ｊｏｈｎ               ＭｃＣａｉｎ,               ａｎｄ               Ｐｒｅｓｉｄｅｎｔ               Ｇｅｏｒｇｅ               Ｂｕｓｈ               ｗｅｒｅ               ａｌａｒｍｅｄ               ｂｅｃａｕｓｅ               Ｆａｎｎｉｅ               Ｍａｅ               ａｎｄ               Ｆｒｅｄｄｉｅ               Ｍａｃ               ｗｉｔｈ               ｔｈｅ               ｈｅｌｐ               ｏｆ               ｉｎｖｅｓｔｍｅｎｔ               ｂａｎｋｓ               ｂｏｒｒｏｗｅｄ               ｒｅｃｏｒｄ               ａｍｏｕｎｔｓ               ｏｆ               ｍｏｎｅｙ,               ａｎｄ               ｂｏｕｇｈｔ               ｕｐ               ｍｏｒｔｇａｇｅ               ｐｏｒｔｆｏｌｉｏｓ,               ａｎｄ               ｓｏｌｄ               ｔｈｅｍ               ａｓ               ｓｅｃｕｒｉｔｉｅｓ,               ｍｏｒｔｇａｇｅ               ｄｅｒｉｖａｔｉｖｅｓ.

Ａｌａｓ,               Ｓｅｎａｔｏｒ               Ｊｏｈｎ               ＭｃＣａｉｎ,               ｔｈａｔ               ｓｏ               ｃａｌｌｅｄ               ｅｖｉｌ               ｅｃｏｎｏｍｉｃ               ｃｒｉｓｉｓ               Ｒｅｐｕｂｌｉｃａｎ               ｗｈｏ               ａｌｏｎｅ               ｉｎ               ｌｅａｇｕｅ               ｗｉｔｈ               Ｐｒｅｓｉｄｅｎｔ               Ｂｕｓｈ,               ａｎｄ               ｔｈｅ               Ｒｅｐｕｂｌｉｃａｎｓ               ｃｒｅａｔｅｄ               ａｌｌ               ｔｈｏｓｅ               ｆａｉｌｅｄ               ｅｃｏｎｏｍｉｃ               ｐｏｌｉｃｉｅｓ,               ｆａｉｌｅｄ               ｔｏ               ｇａｒｎｉｓｈ               ｅｎｏｕｇｈ               ｓｕｐｐｏｒｔ               ｆｒｏｍ               ｂｏｔｈ               ｐａｒｔｉｅｓ               ｔｏ               ａｃｃｏｍｐｌｉｓｈ               ｔｈｅ               ｊｏｂ.

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               Ａｎｄ               ｗｈａｔ               ａｂｏｕｔ               Ｒｏｂｅｒｔ               Ｒｕｂｉｎ,               Ｔｒｅａｓｕｒｙ               Ｓｅｃｒｅｔａｒｙ               ｕｎｄｅｒ               Ｄｅｍｏｃｒａｔｉｃ               Ｐｒｅｓｉｄｅｎｔ               Ｂｉｌｌ               Ｃｌｉｎｔｏｎ?

Ｕｐｏｎ               ｈｉｓ               ｒｅｔｉｒｅｍｅｎｔ,               Ｐｒｅｓｉｄｅｎｔ               Ｃｌｉｎｔｏｎ               ｄｕｂｂｅｄ               ｈｉｍ,               "Ｔｈｅ               ｇｒｅａｔｅｓｔ               Ｔｒｅａｓｕｒｙ               Ｓｅｃｒｅｔａｒｙ               ｓｉｎｃｅ               Ａｌｅｘａｎｄｅｒ               Ｈａｍｉｌｔｏｎ."               8               Ｏｈ,               ｒｅａｌｌｙ?

Ｈｅ               ｄｉｄｎ'ｔ               ｓｅｅ               ｔｈｅ               ｍｏｒｔｇａｇｅ/ｃｒｅｄｉｔ               ｃｒｉｓｉｓ               ｃｏｍｉｎｇ.

Ｈｅ               ｄｉｄｎ'ｔ               ｗｏｒｋ               ｔｏ               ｐｒｅｖｅｎｔ               ｉｔ               ｅｉｔｈｅｒ.

Ａｎｄ               ｗｈａｔ               ａｂｏｕｔ               Ｈｅｎｒｙ               Ｐａｕｌｓｏｎ,               Ｐｒｅｓｉｄｅｎｔ               Ｂｕｓｈ'ｓ               Ｔｒｅａｓｕｒｙ               Ｓｅｃｒｅｔａｒｙ?

Ｈｅ               ａｌｓｏ               ｄｉｄｎ'ｔ               ｓｅｅ               ｔｈｅ               ｃｒｅｄｉｔ               ｃｒｉｓｉｓ               ｃｏｍｉｎｇ               ｕｎｔｉｌ               ｉｔ               ｗａｓ               ｔｏｏ               ｌａｔｅ               ｔｏ               ｃｏｎｔｒｏｌ               ｔｈｅ               ｄａｍａｇｅ.
               Ａｌｓｏ,               ｂｌａｍｅ               ｔｈｅ               Ｓｅｃｕｒｉｔｉｅｓ               ａｎｄ               Ｅｘｃｈａｎｇｅ               Ｃｏｍｍｉｓｓｉｏｎ               Ｃｈａｉｒ,               Ｃｈｒｉｓｔｏｐｈｅｒ               Ｃｏｘ               ｆｏｒ               ｈｅａｄｉｎｇ               ａ               ｆｅｄｅｒａｌ               ａｇｅｎｃｙ,               ｗｈｉｃｈ               ｌｏｏｓｅｌｙ               ｒｅｇｕｌａｔｅｄ               ｓｔｏｃｋｓ,               ｂｏｎｄｓ,               ａｎｄ               ｔｈｅ               ｓｔｏｃｋ               ｍａｒｋｅｔ.

Ｔｈｅ               ＳＥＣ               ｒｅｖｏｋｅｄ               ｔｈｅ               ｓｈｏｒｔ-ｓａｌｅ               ｒｕｌｅ               ｉｎ               Ｊｕｌｙ               2007.

Ｕｎｄｅｒ               ｔｈａｔ               ｒｕｌｅ,               ｓｈｏｒｔ               ｓａｌｅｓ               ｗｅｒｅ               ａｌｌｏｗｅｄ               ｏｎｌｙ               ｕｎｄｅｒ               ａｎ               ｕｐ               ｍａｒｋｅｔ.

Ｒｅｖｏｋｉｎｇ               ｉｔ               ａｌｌｏｗｅｄ               ａｎ               ｕｎｃｏｎｔｒｏｌｌｅｄ               ｓｐｉｒａｌ               ｉｎ               ｔｈｅ               ｍａｒｋｅｔ,               ａｎｄ               ｗｅａｋｅｎｅｄ               ｓｔｏｃｋ.

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               Ｂｌａｍｅ               Ａｌａｎ               Ｇｒｅｅｎｓｐａｎ,               Ｃｈａｉｒｍａｎ               ｏｆ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂｏａｒｄ,               ｆｒｏｍ               1987               ｕｎｔｉｌ               ｈｉｓ               ｒｅｔｉｒｅｍｅｎｔ               ｉｎ               2006.

Ｈｅ               ｓｅｒｖｅｄ               ｕｎｄｅｒ               Ｐｒｅｓｉｄｅｎｔ               Ｒｏｎａｌｄ               Ｒｅａｇａｎ,               ａ               Ｒｅｐｕｂｌｉｃａｎ,               Ｂｉｌｌ               Ｃｌｉｎｔｏｎ,               ａ               Ｄｅｍｏｃｒａｔ,               Ｇｅｏｒｇｅ               Ｈ.Ｗ               Ｂｕｓｈ,               Ｒｅｐｕｂｌｉｃａｎ,               ａｎｄ               Ｇｅｏｒｇｅ               Ｗ.

Ｂｕｓｈ,               ａｌｓｏ               ａ               Ｒｅｐｕｂｌｉｃａｎ.

Ｈｅ               ｏｖｅｒｓａｗ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂｏａｒｄ,               ｗｈｉｃｈ               ｏｖｅｒｓｅｅｓ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂａｎｋ,               ａ               ｐｒｉｖａｔｅ               ｃｏｒｐｏｒａｔｉｏｎ               ｃｈａｒｔｅｒｅｄ               ｉｎ               1913               ｂｙ               Ｃｏｎｇｒｅｓｓ               ａｎｄ               Ｐｒｅｓｉｄｅｎｔ               Ｗｏｏｄｒｏｗ               Ｗｉｌｓｏｎ               ｔｏ               ｓｅｒｖｉｃｅ               ｔｈｅ               ｎａｔｉｏｎ'ｓ               ｂａｎｋｓ.

Ａｓ               ａ               ｆａｍｏｕｓ               ａｎｄ               ｗｅｌｌ               ｒｅｓｐｅｃｔｅｄ               ｅｃｏｎｏｍｉｓｔ,               ｈｅ               ｈａｄ               ｅｎｏｒｍｏｕｓ               ｉｎｆｌｕｅｎｃｅ               ａｎｄ               ｗａｓ               ｓａｉｄ               ｔｏ               ｒｕｌｅ               ｔｈｅ               ｗｏｒｌｄ               ｏｆ               ｍｏｎｅｙ.

Ｉｎ               Ｈｏｕｓｅ               ｈｅａｒｉｎｇｓ               ｄｕｒｉｎｇ               ｔｈｅ               ｓｅｃｏｎｄ               ｍｏｎｔｈ               ｏｆ               ｔｈｅ               ｍａｒｋｅｔ               ｍｅｌｔｄｏｗｎ               ｏｆ               2008,               Ｇｒｅｅｎｓｐａｎ               ｔｅｓｔｉｆｉｅｄ               ｔｈａｔ               ｈｅ               ｈａｄ               "ｆｏｕｎｄ               ａ               ｆｌａｗ"               ｉｎ               ｈｉｓ               ｍａｒｋｅｔ               ｉｄｅｏｌｏｇｙ,               ａｎｄ               ｃｏｎｃｅｄｅｄ               ｔｈａｔ               ｈｅ               ｈａｄ               ｂｅｅｎ               "ｐａｒｔｉａｌｌｙ"               ｗｒｏｎｇ               ｉｎ               ｏｐｐｏｓｉｎｇ               ｒｅｇｕｌａｔｉｏｎ               ｏｆ               ｄｅｒｉｖａｔｉｖｅｓ.

Ｈｅ               ｎｅｖｅｒ               ｓａｗ               ｔｈｅ               2008               ｃｒｅｄｉｔ               ｃｒｉｓｉｓ               ｃｏｍｉｎｇ               ｗｈｅｒｅ               ｂａｎｋｓ               ｗｏｕｌｄ               ｓｕｄｄｅｎｌｙ               ｓｔｏｐ               ｌｅｎｄｉｎｇ               ｔｏ               ｅａｃｈ               ｏｔｈｅｒ,               ｔｏ               ｂｕｓｉｎｅｓｓ,               ａｎｄ               ｅｖｅｎｔｕａｌｌｙ               ｔｏ               ｙｏｕ,               ｔｈｅ               ｃｏｎｓｕｍｅｒ.

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               Ａｌｓｏ               ｂｌａｍｅ               Ｄｒ.

Ｂｅｎ               Ｂｅｒｎａｎｋｅ               ｈｉｓ               ｐｒｅｄｅｃｅｓｓｏｒ,               ｗｈｏ               ｉｔ               ｗａｓ               ｓａｉｄ               ｃｏｕｌｄｎ'ｔ               ｍｅａｓｕｒｅ               ｕｐ               ｔｏ               ｔｈｅ               ｇｒｅａｔ               Ａｌａｎ               Ｇｒｅｅｎｓｐａｎ.

Ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂｏａｒｄ               ｈａｄ               ｔｈｅ               ａｕｔｈｏｒｉｔｙ               ｔｏ               ｒｅｇｕｌａｔｅ               ｄｅｒｉｖａｔｉｖｅｓ,               ｓｕｂｐｒｉｍｅ               ｍｏｒｔｇａｇｅｓ               ｗｈｉｃｈ               ａｒｅ               ｍｏｒｔｇａｇｅ               ｒａｔｅｓ               ｓｅｔ               ａｂｏｖｅ               ｔｈｅ               Ｐｒｉｍｅ               Ｒａｔｅ               ａｎｄ               Ｎｉｎｊａ,               ｌｏａｎｓ,               ｗｈｉｃｈ               ａｒｅ               ｌｏａｎｓ               ｂａｓｅｄ               ｏｎ               ｎｏ               ｉｎｃｏｍｅ,               ｎｏ               ｊｏｂ,               ａｎｄ               ｎｏ               ａｓｓｅｔｓ,               ｂｕｔ               Ｄｒ.

Ｂｅｎ               Ｂｅｒｎａｎｋｅ               ｆａｉｌｅｄ               ｔｏ               ｄｏ               ｓｏ.

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               Ａｌｓｏ,               ｓｈａｒｉｎｇ               ｔｈｅ               ｂｌａｍｅ               ｉｓ               ａ               ｙｏｕｎｇ               ｌａｗｙｅｒ               ｉｎ               Ｉｌｌｉｎｏｉｓ,               ｎａｍｅｄ               Ｂａｒａｃｋ               Ｏｂａｍａ.

Ｉｎ               1994,               ｈｅ               ｈｅｌｐｅｄ               ｔｏ               ｒｅｐｒｅｓｅｎｔ               Ｃａｌｖｉｎ               Ｒｏｂｅｒｓｏｎ               ａｇａｉｎｓｔ               Ｃｉｔｉｂａｎｋ,               ｃｈａｒｇｉｎｇ               ｔｈｅ               ｂａｎｋ               ｓｙｓｔｅｍａｔｉｃａｌｌｙ               ｄｅｎｉｅｄ               ｍｏｒｔｇａｇｅｓ               ｔｏ               Ａｆｒｉｃａｎ-Ａｍｅｒｉｃａｎ               ａｐｐｌｉｃａｎｔｓ               ａｎｄ               ｏｔｈｅｒｓ               ｆｒｏｍ               ｍｉｎｏｒｉｔｙ               ｎｅｉｇｈｂｏｒｈｏｏｄｓ.

Ｄｉｄ               ｉｔ               ｒｅａｌｌｙ?

Ｏｒ               ｄｉｄ               Ｃｉｔｉｂａｎｋ               ｊｕｓｔ               ａｓｋ               ｆｏｒ               ｐｒｏｏｆ               ｏｆ               ｉｎｃｏｍｅ?

Ｔｈｉｓ               ｐｏｌｉｃｙ               ｏｆ               ｎｏｔ               ｒｅｑｕｅｓｔｉｎｇ               ｐｒｏｏｆ               ｏｆ               ｉｎｃｏｍｅ               ｉｓ               ｎｏｔ               ｓｏｕｎｄ,               10               ｂｕｔ               "ａ               ｓｅｌｆｉｓｈ               ｍａｎ               ｑｕａｒｒｅｌｓ               ａｇａｉｎｓｔ               ｅｖｅｒｙ               ｓｏｕｎｄ               ｐｒｉｎｃｉｐｌｅ               ｏｆ               ｃｏｎｄｕｃｔ               ｂｙ               ｄｅｍａｎｄｉｎｇ               ｈｉｓ               ｏｗｎ               ｗａｙ."3               Ａｎｙｗａｙ,               Ｂａｒａｃｋ               Ｏｂａｍａ               ｄｅｍａｎｄｉｎｇ               ｈｉｓ               ｏｗｎ               ｗａｙ               ｗｏｎ               ｈｉｓ               ｃａｓｅ.10
               Ｏｋａｙ,               ｅｎｏｕｇｈ               ａｂｏｕｔ               ｔｈｅ               Ｐｒｅｓｉｄｅｎｔｉａｌ               ｃａｎｄｉｄａｔｅｓ,               ａｎｄ               ｔｈｅｉｒ               ｐａｒｔｉｅｓ,               ｌｅｔ'ｓ               ｍｏｖｅ               ｏｎ,               ａｎｄ               ｂｌａｍｅ               ｔｈｅ               ｈｏｍｅｏｗｎｅｒｓ,               ｔｈｅｍｓｅｌｖｅｓ.

Ｎｏｔ               ｏｎｌｙ               ｔｈｅ               ｏｎｅｓ               ｔｈａｔ               ｌｉｅｄ               ａｂｏｕｔ               ｔｈｅｉｒ               ｉｎｃｏｍｅ,               ａｎｄ               ｂｏｕｇｈｔ               ｌａｒｇｅｒ               ｈｏｍｅｓ               ｔｈｅｎ               ｔｈｅｙ               ｃｏｕｌｄ               ａｆｆｏｒｄ.11               Ａｎｄ               ｎｏｔ               ｏｎｌｙ               ｔｈｅ               ｏｎｅｓ               ｔｈａｔ               ｃｏｈｏｒｔｅｄ               ｗｉｔｈ               ｓｌｉｃｋ               ａｐｐｒａｉｓｅｒｓ.

Ａｎｄ               ｎｏｔ               ｏｎｌｙ               ｔｈｅ               ｏｎｅｓ               ｔｈａｔ               ｂｏｕｇｈｔ               ｈｏｕｓｅｓ               ｆｏｒ               ｉｎｖｅｓｔｍｅｎｔ               ｐｕｒｐｏｓｅｓ               ｏｎｌｙ,               ａｎｄ               ｄｒｏｖｅ               ｕｐ               ｔｈｅ               ｐｒｉｃｅｓ               ｗｉｔｈ               ｓｐｅｃｕｌａｔｉｏｎ.

Ｂｌａｍｅ               ｔｈｅ               ｏｎｅｓ               ｗｈｏ               ｔｏｏｋ               ｌｏｗ               ＡＲＭ'ｓ,               ａｄｊｕｓｔａｂｌｅ               ｒａｔｅ               ｍｏｒｔｇａｇｅｓ,               ｋｎｏｗｉｎｇ               ｔｈａｔ               ｔｈｅｙ               ｗｏｕｌｄ               ｇｏ               ｈｉｇｈｅｒ,               ａｎｄ               ｔｈａｔ               ｗｏｕｌｄ               ｌａｎｄ               ｔｈｅｍ               ｉｎ               ｄｅｆａｕｌｔ.

Ｂｌａｍｅ               ｔｈｅ               ｈｏｍｅｏｗｎｅｒｓ               ｗｈｏ               ｓｈｏｕｌｄ               ｈａｖｅ               ｕｎｄｅｒｓｔｏｏｄ               ｗｈａｔ               ａｄｊｕｓｔａｂｌｅ               ｒａｔｅ               ｍｏｒｔｇａｇｅｓ,               ａｎｄ               ｓｕｂｐｒｉｍｅ               ｍｏｒｔｇａｇｅｓ               ｗｅｒｅ,               ｂｕｔ               ｌａｃｋｅｄ               ｔｈｅ               ｅｄｕｃａｔｉｏｎ               ｔｏ               ｕｎｄｅｒｓｔａｎｄ               ｔｈｅ               ｍｏｒｔｇａｇｅ               ｃｏｎｔｒａｃｔ.
               Ｓｏ               ｗｈａｔ               ａｒｅ               ＡＲＭ'ｓ,               ｏｒ               ａｄｊｕｓｔａｂｌｅ               ｒａｔｅ               ｍｏｒｔｇａｇｅｓ?

Ａｎ               ａｄｊｕｓｔａｂｌｅ               ｒａｔｅ               ｍｏｒｔｇａｇｅｓ               ｄｉｆｆｅｒ               ｆｒｏｍ               ａ               ｆｉｘｅｄ-ｒａｔｅ               ｍｏｒｔｇａｇｅ               ｉｎ               ｍａｎｙ               ｗａｙｓ.

Ｗｉｔｈ               ａ               ｆｉｘｅｄ-ｒａｔｅ               ｍｏｒｔｇａｇｅ,               ｔｈｅ               ｉｎｔｅｒｅｓｔ               ｒａｔｅ               ｓｔａｙｓ               ｔｈｅ               ｓａｍｅ               ｄｕｒｉｎｇ               ｔｈｅ               ｌｉｆｅ               ｏｆ               ｔｈｅ               ｌｏａｎ.

Ｗｉｔｈ               ａｎ               ＡＲＭ,               ｔｈｅ               ｉｎｔｅｒｅｓｔ               ｒａｔｅ               ｃｈａｎｇｅｓ               ｐｅｒｉｏｄｉｃａｌｌｙ               ｏｎ               ａ               ｐｒｅａｒｒａｎｇｅｄ               ｓｃｈｅｄｕｌｅ               ａｎｄ               ｕｓｕａｌｌｙ               ｉｎ               ｒｅｌａｔｉｏｎ               ｔｏ               ａ               ｐｒｅｄｅｔｅｒｍｉｎｅｄ               ｉｎｄｅｘ,               ａｎｄ               ｔｈｕｓ               ｐａｙｍｅｎｔｓ               ｍａｙ               ｇｏ               ｕｐ               ｏｒ               ｄｏｗｎ               ａｃｃｏｒｄｉｎｇｌｙ.
               Ａｎｄ               ｗｈａｔ               ａｒｅ               ｓｕｂｐｒｉｍｅ               ｍｏｒｔｇａｇｅｓ?

Ｔｈｅｙ               ａｒｅ               ｍｏｒｔｇａｇｅｓ               ｗｉｔｈ               ｒａｔｅｓ               ａｂｏｖｅ               ｔｈｅ               Ｐｒｉｍｅ               Ｒａｔｅ.

Ｔｈｅ               Ｐｒｉｍｅ               Ｌｅｎｄｉｎｇ               Ｒａｔｅ               ｉｓ               ｔｈｅ               ｒａｔｅ               ｔｈａｔ               ｂａｎｋｓ               ｕｓｅ               ｔｏ               ｉｎｄｉｃａｔｅ               ｔｈｅ               ｒａｔｅ               ｏｆ               ｉｎｔｅｒｅｓｔ               ａｔ               ｗｈｉｃｈ               ｂａｎｋｓ               ｌｅｎｄ               ｔｏ               ｃｕｓｔｏｍｅｒｓ,               ｗｉｔｈ               ｔｈｅ               ｂｅｓｔ               ｃｒｅｄｉｔ               ｒａｔｉｎｇ;               ｉｔ               ｉｓ               ｂａｓｅｄ               ｏｎ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｒｅｓｅｒｖｅ               Ｂｏａｒｄ               Ｆｅｄｅｒａｌ               Ｆｕｎｄ               Ｒａｔｅｓ.
               Ｙｅｓ,               ｙｏｕ               ｓａｉｄ               ｔｈａｔ               ｍａｙ               ｂｅ               ｔｒｕｅ,               ｂｕｔ               ｔｈｅｙ               ｄｉｄｎ'ｔ               ｃｏｖｅｒ               ｔｈｉｓ               ｉｎ               ｈｉｇｈ               ｓｃｈｏｏｌ.

Ｏｋａｙ,               ｓｏ               ｂｌａｍｅ               ｙｏｕｒ               ｓｃｈｏｏｌ               ｔｅａｃｈｅｒｓ,               ｗｈｏ               ｎｅｖｅｒ               ｔａｕｇｈｔ               ｙｏｕ               ｈｏｗ               ｔｏ               ｒｅａｄ               ａｎｄ               ｕｎｄｅｒｓｔａｎｄ               ａ               ｈｏｍｅ               ｏｗｎｅｒｓ               ｃｏｎｔｒａｃｔ.

Ｏｒ               ｈｏｗ               ｔｏ               ｆｉｇｕｒｅ               ａ               ｍｏｒｔｇａｇｅ,               ｏｒ               ｅｖｅｎ               ｕｎｄｅｒｓｔａｎｄ               ｂａｓｉｃ               ｍａｔｈ.

Ｏｒ               ｅｖｅｎ               ｈｏｗ               ｔｏ               ｂｕｄｇｅｔ,               ａｎｄ               ｌｉｖｅ               ｗｉｔｈｉｎ               ｙｏｕｒ               ｍｅａｎｓ.
               Ｂｕｔ               ｗｈａｔ               ａｂｏｕｔ               ｐａｒｅｎｔｓ,               ｔｈｅ               ｏｔｈｅｒ               ｔｅａｃｈｅｒｓ               ｏｆ               ｔｈｅ               ｃｈｉｌｄｒｅｎ?

Ｉｔ               ｈａｓ               ｂｅｅｎ               ｓａｉｄ,               "Ｔｅａｃｈ               ａ               ｃｈｉｌｄ               ｔｏ               ｃｈｏｏｓｅ               ｔｈｅ               ｒｉｇｈｔ               ｐａｔｈ,               ａｎｄ               ｗｈｅｎ               ｈｅ               ｉｓ               ｏｌｄｅｒ               ｈｅ               ｗｉｌｌ               ｒｅｍａｉｎ               ｕｐｏｎ               ｉｔ."3               Ｓｈｏｕｌｄ               ｗｅ               ｂｌａｍｅ               ｔｈｅ               ｐａｒｅｎｔｓ               ｆｏｒ               ｎｏｔ               ｔｒａｉｎｉｎｇ               ｔｈｅｉｒ               ｃｈｉｌｄｒｅｎ               ｔｏ               ｌｉｖｅ               ｗｉｔｈｉｎ               ｔｈｅｉｒ               ｍｅａｎｓ,               ａｎｄ               ｇｉｖｉｎｇ               ｔｈｅｉｒ               ｂａｂｙ               ｂｏｏｍｅｒ               ｃｈｉｌｄｒｅｎ               ｉｍｐｏｓｓｉｂｌｅ               ｅｘｐｅｃｔａｔｉｏｎｓ               ｏｆ               ｐｒｏｓｐｅｒｉｔｙ               ｆｏｒ               ａｌｌ?

Ｐｒｏｍｉｓｉｎｇ               ｔｈｅｉｒ               ｃｈｉｌｄｒｅｎ               ａｓ               ｏｕｒ               ｍｏｓｔ               ｆａｍｏｕｓ               ｐｒｅｓｉｄｅｎｔ,               ＦＤＲ               ｄｉｄ               ｄｕｒｉｎｇ               ｔｈｅ               Ｇｒｅａｔ               Ｄｅｐｒｅｓｓｉｏｎ,               "Ａ               ｃｈｉｃｋｅｎ               ｉｎ               ｅｖｅｒｙ               ｐｏｔ";               ｏｒ               ｐｅｒｈａｐｓ               ａ               ｃｏｍｐｕｔｅｒ               ｉｎ               ｅｖｅｒｙ               ｈｏｍｅ.
               Ａｎｄ               ｄｏｎ'ｔ               ｆｏｒｇｅｔ               ｙｏｕｒ               ｌｅａｄｅｒｓ               ｉｎ               ｔｈｅ               ｓｔａｔｅ               ｇｏｖｅｒｎｍｅｎｔ.

Ｔｈｅ               ｏｎｅｓ               ｒｅｓｐｏｎｓｉｂｌｅ               ｆｏｒ               ｒｅｉｎｉｎｇ               ｉｎ               ｔｈｉｓ               ｃｒｅｄｉｔ,               ａｎｄ               ｓｐｅｎｄ               ｔｈｒｉｆｔ               ｓｏｃｉｅｔｙ.

Ｗｅ               ｈａｖｅ               ｆｏｒｇｏｔｔｅｎ               ｔｈａｔ               "ｔｈｅ               ｗｉｓｅ               ｍａｎ               ｓａｖｅｓ               ｆｏｒ               ｔｈｅ               ｆｕｔｕｒｅ,               ｂｕｔ               ｔｈｅ               ｆｏｏｌｉｓｈ               ｍａｎ               ｓｐｅｎｄｓ               ｗｈａｔｅｖｅｒ               ｈｅ               ｇｅｔｓ,"               3               ａｎｄ               ｂｅｙｏｎｄ.

Ｗｅ               ｈａｖｅ               ｔｈｉｓ               ｎｅｅｄ               ｔｏ               ｈａｖｅ               ｅｖｅｒｙｔｈｉｎｇ               ｒｉｇｈｔ               ｈｅｒｅ,               ｒｉｇｈｔ               ｎｏｗ.

Ｂｌａｍｅ               ｔｈｅ               Ｓｔａｔｅ               ｌｅｇｉｓｌａｔｏｒｓ               ｗｈｏ               ｒｅｐｅａｌｅｄ               ｔｈｅ               ｕｓｕｒｙ               ｌａｗｓ.

Ｆｏｒ               ｔｈｏｓｅ               ｗｈｏ               ｄｏｎ'ｔ               ｋｎｏｗ,               ｕｓｕｒｙ               ｉｓ               ｄｅｆｉｎｅｄ               ａｓ               ａｎ               ｅｘｏｒｂｉｔａｎｔ               ｏｒ               ｕｎｃｏｎｓｃｉｏｎａｂｌｅ               ｒａｔｅ               ｏｆ               ｉｎｔｅｒｅｓｔ.

Ｓｔａｔｅｓ               ｕｓｅｄ               ｔｏ               ｌｉｍｉｔ               ｔｈｅ               ａｍｏｕｎｔ               ｏｆ               ｉｎｔｅｒｅｓｔ               ｔｈａｔ               ｃｏｕｌｄ               ｂｅ               ｃｈａｒｇｅｄ               ｂｙ               ａ               ｃｒｅｄｉｔ               ｃａｒｄ,               ｏｒ               ｍｏｒｔｇａｇｅ               ｌｅｎｄｅｒ               ｔｈｕｓ               ｐｒｏｔｅｃｔｉｎｇ               ｕｓ               ｆｒｏｍ               ｏｕｒｓｅｌｖｅｓ,               ａｎｄ               ｆｒｏｍ               ｏｔｈｅｒｓ               ｇｒｅｅｄ.

Ｉｆ               ａ               ｃｒｅｄｉｔ               ｃａｒｄ,               ｏｒ               ｌｅｎｄｅｒ               ｃｈａｒｇｅｄ               ａｂｏｖｅ               ｔｈａｔ               ｒａｔｅ               ｔｈｅｙ               ｗｅｒｅ               ｃｈａｒｇｅｄ               ｗｉｔｈ               ａ               ｕｓｕｒｙ               ｃｒｉｍｅ.
               Ｄｏｎ'ｔ               ｂｌａｍｅ               ｏｕｒｓｅｌｖｅｓ               ｙｏｕ               ｓａｙ!

Ｂｌａｍｅ               ｔｈｅ               Ｃｏｎｇｒｅｓｓ.

Ｏｋａｙ,               ｓｏ               ｂｌａｍｅ               ｔｈｅ               ｃｕｒｒｅｎｔ               Ｃｏｎｇｒｅｓｓ,               Ｄｅｍｏｃｒａｔｓ,               ａｎｄ               Ｒｅｐｕｂｌｉｃａｎｓ               ａｌｉｋｅ.

Ｔｈｅ               ｏｎｅｓ               ｗｈｏ               ｃｏｕｌｄ               ｈａｖｅ               ｒｅｃｔｉｆｉｅｄ               ｔｈｅ               ｍｉｓｔａｋｅ               ｏｆ               ｐａｓｓｉｎｇ               ｔｈｅ               Ｆｉｎａｎｃｉａｌ               Ｓｅｒｖｉｃｅｓ               Ｍｏｄｅｒｎｉｚａｔｉｏｎ               Ａｃｔ               ｏｆ               1999,ｗｈｉｃｈ               ｒｅｐｅａｌｅｄ               ｔｈｅ               Ｇｌａｓｓ-Ｓｔｅｇａｌｌ               Ａｃｔ               ｏｆ               1933.

Ａｎ               ａｃｔ               ｔｈａｔ               ｏｕｒ               Ａｍｅｒｉｃａｎ               ａｎｃｅｓｔｏｒｓ               ｋｎｅｗ               ｗｏｕｌｄ               ｐｒｏｔｅｃｔ               ｕｓ               ｆｒｏｍ               ｏｕｒｓｅｌｖｅｓ,               ａｎｄ               ｏｕｒ               ｏｗｎ               ｇｒｅｅｄ.

Ｔｈｅ               1933               Ｃｏｎｇｒｅｓｓ               ｗａｓ               ｌｏｏｋｉｎｇ               ａｈｅａｄ               ａｎｄ               ｐｒｏｔｅｃｔｉｎｇ               ｏｕｒ,               ｔｈｅ               ｆｕｔｕｒｅ               ｇｅｎｅｒａｔｉｏｎ'ｓ,               ｉｎｔｅｒｅｓｔｓ,               ｂｅｃａｕｓｅ,               "ｗｉｓｅ               ｍｅｎ               ａｌｗａｙｓ               ｌｏｏｋ               ａｈｅａｄ,               ｂｕｔ               ｔｈｅ               ｆｏｏｌ               ａｔｔｅｍｐｔｓ               ｔｏ               ｆｏｏｌ               ｈｉｍｓｅｌｆ,               ａｎｄ               ｗｏｎ'ｔ               ｆａｃｅ               ｆａｃｔｓ."3
               Ａｎｄ               ｂｌａｍｅ               ｔｈｅ               ｃｕｒｒｅｎｔ               Ｃｏｎｇｒｅｓｓ               ｗｉｔｈ               ａ               Ｄｅｍｏｃｒａｔｉｃ               ｍａｊｏｒｉｔｙ               ｗｈｏ               ｃｏｕｌｄ               ｈａｖｅ               ａｐｐｌｉｅｄ               ｍｏｒｅ               ｏｖｅｒｓｉｇｈｔ               ｔｏ               Ｆａｎｎｉｅ               Ｍａｅ,               ａｎｄ               Ｆｒｅｄｄｉｅ               Ｍａｃ.

Ａｎｄ               ｗｈｏ               ａｌｓｏ               ｃｏｕｌｄ               ｈａｖｅ               ｒｅｑｕｉｒｅｄ               ｔｈａｔ               ｔｈｅ               ｍｏｒｔｇａｇｅ               ｃｏｍｐａｎｉｅｓ               ｖｅｒｉｆｙ               ａｂｉｌｉｔｙ               ｔｏ               ｐａｙ               ｏｎ               ｔｈｅｉｒ               ｌｏａｎｓ               ｂｙ               ｏｖｅｒｔｕｒｎｉｎｇ               Ｔｈｅ               Ｃｏｍｍｕｎｉｔｙ               Ｒｅｉｎｖｅｓｔｍｅｎｔ               Ａｃｔ               ｏｆ               1977.
               Ｂｕｔ               ｍｏｓｔ               ｏｆ               ａｌｌ               ｂｌａｍｅ               ｙｏｕｒｓｅｌｆ               ｆｏｒ               ｎｏｔ               ｂｅａｔｉｎｇ               ｄｏｗｎ               ｔｈｅ               ｄｏｏｒ               ｔｏ               ｙｏｕｒ               Ｃｏｎｇｒｅｓｓｍｅｎ               ｕｎｔｉｌ               ｔｈｅｙ               ｄｉｄ               ｓｏｍｅｔｈｉｎｇ,               ａｎｄ               ｆｏｒ               ｌｉｖｉｎｇ               ｂｅｙｏｎｄ               ｙｏｕｒ               ｍｅａｎｓ,               ａｎｄ               ｆａｉｌｉｎｇ               ｔｏ               ｔｅａｃｈ               ｙｏｕｒ               ｃｈｉｌｄｒｅｎ               ｔｏ               ｄｏ               ｔｈｅ               ｓａｍｅ.

Ａｎｄ               ｂｌａｍｅ               ｙｏｕｒｓｅｌｆ               ｆｏｒ               ｄｉｔｃｈｉｎｇ               Ａｍｅｒｉｃａ               ｈｉｓｔｏｒｙ               ｃｌａｓｓ,               ｗｈｅｎ               ｙｏｕｒ               ｂｏｒｉｎｇ               ｎｏ               ｎｏｔｈｉｎｇ               ｔｅａｃｈｅｒ               ｃｏｖｅｒｅｄ               ｔｈｅ               1929               Ｓｔｏｃｋ               Ｍａｒｋｅｔ               Ｃｒａｓｈ,               ａｎｄ               ｔｈｅ               Ｇｒｅａｔ               Ｄｅｐｒｅｓｓｉｏｎ.

Ａｎｄ               ｂｌａｍｅ               Ｖｉｃｅ               Ｐｒｅｓｉｄｅｎｔ               ｅｌｅｃｔ               Ｊｏｅ               Ｂｉｄｅｎ,               ｗｈｏ               ｌａｃｋｅｄ               ｅｎｏｕｇｈ               ｈｉｓｔｏｒｉｃａｌ               ｋｎｏｗｌｅｄｇｅ               ｎｏｔ               ｔｏ               ｋｎｏｗ               ｗｈｏ               ｗａｓ               ｒｅａｌｌｙ               ｔｈｅ               Ｐｒｅｓｉｄｅｎｔ               ｄｕｒｉｎｇ               ｔｈｅ               1929               ｃｒａｓｈ               (Ｎｏｔ               Ｆｒａｎｋｌｉｎ               Ｄｅｌａｎｏ               Ｒｏｏｓｅｖｅｌｔ               ａｓ               Ｊｏｅ,               ｔｈｅ               Ｓｉｘ               Ｔｅｒｍ               Ｓｅｎａｔｏｒ               ｃｌａｉｍｅｄ,               ｂｕｔ               Ｈｅｒｂｅｒｔ               Ｈｏｏｖｅｒ).12
               Ａｎｄ               ｂｌａｍｅ               ｙｏｕｒｓｅｌｆ               ｆｏｒ               ｉｎｖｅｓｔｉｎｇ               ｉｎ               Ｆａｎｎｉｅ               Ｍａｅ,               ａｎｄ               Ｆｒｅｄｄｉｅ               Ｍａｃ,               "ｆｏｒ               ｔｈｅ               ｗｏｒｌｄ'ｓ               ｐｏｏｒｅｓｔ               ｃｒｅｄｉｔ               ｒｉｓｋ               ｉｓ               ｔｈｅ               ｍａｎ               ｗｈｏ               ａｇｒｅｅｓ               ｔｏ               ｐａｙ               ａ               ｓｔｒａｎｇｅｒ'ｓ               ｄｅｂｔｓ."3               Ａｎｄ               ｂｌａｍｅ               ｙｏｕｒ               ｓｔｏｃｋ               ｂｒｏｋｅｒｓ,               ｔｈｅ               ｉｎｖｅｓｔｍｅｎｔ               ｂａｎｋｓ,               ｔｈｅ               ｍｏｒｔｇａｇｅ               ｃｏｍｐａｎｉｅｓ,               ａｎｄ               ｔｈｅ               ｅｎｔｉｒｅ               ｆｉｎａｎｃｉａｌ               ｗｏｒｌｄ               ｆｏｒ               ｇｅｔｔｉｎｇ               ｃａｕｇｈｔ               ｕｐ               ｉｎ               ｏｕｒ               ｍｏｄｅｒｎ               ａｇｅ               ｓｔｏｃｋ               ｍａｒｋｅｔ               ｆｒｅｎｚｙ.

Ｉｎ               ｗｈａｔ               Ａｌａｎ               Ｇｒｅｅｎｓｐａｎ,               ｆｏｒｍｅｒ               ｃｈａｉｒ               ｏｆ               ｔｈｅ               Ｆｅｄｅｒａｌ               Ｔｒａｄｅ               Ｃｏｍｍｉｓｓｉｏｎ               ｏｎｃｅ               ｃａｌｌｅｄ               ｉｎ               ａ               ｓｐｅｅｃｈ               ｇｉｖｅｎ               ｉｎ               1996,               ｔｈｅ               ｓｔｏｃｋ               ｍａｒｋｅｔ'ｓ               "ｉｒｒａｔｉｏｎａｌ               ｅｘｕｂｅｒａｎｃｅ               ｏｎ               ａｓｓｅｔ               ｖａｌｕｅｓ",8               ｏｒ               ｔｏ               ｐｕｔ               ｉｔ               ａｎｏｔｈｅｒ               ｗａｙ,               "ｔｒｕｓｔ               ｉｎ               ｙｏｕｒ               ｍｏｎｅｙ               ｄｏｗｎ               ｙｏｕ               ｇｏ."3               Ｓｏ               ａｌｌ,               ｙｅ               Ｄｅｍｏｃｒａｔｓ,               Ｒｅｐｕｂｌｉｃａｎｓ,               ｐｏｌｉｔｉｃｉａｎｓ,               ｃｉｖｉｌ               ｓｅｒｖａｎｔｓ,               ａｎｄ               ｃｉｔｉｚｅｎｓ               ｂｌａｍｅ               ｙｏｕｒｓｅｌｆ!
               Ａｎｄ               ｌａｓｔｌｙ               ｂｌａｍｅ               Ｐｒｅｓｉｄｅｎｔ               Ｇｅｏｒｇｅ               Ｗ.

Ｂｕｓｈ,               ｂｅｃａｕｓｅ               ａｓ               Ｐｒｅｓｉｄｅｎｔ               Ｈａｒｒｙ               Ｔｒｕｍａｎ               ｓａｉｄ               ａｓ               ｆａｒ               ｂａｃｋ               ａｓ               1952,               "Ｔｈｅ               ｂｕｃｋ               ｓｔｏｐｓ               ｈｅｒｅ."13
               Ｒｅｆｅｒｅｎｃｅｓ
               1               Ｓｔｅｖｅ               Ｓａｎｇｈｉ,               "Ｐｌａｃｉｎｇ               Ｂｌａｍｅ               ｉｎ               Ｆｉｎａｎｃｉａｌ               Ｃｒｉｓｉｓ",               Ｔｈｅ               Ａｒｉｚｏｎａ               Ｒｅｐｕｂｌｉｃ,               Ｐｈｏｅｎｉｘ,               ＡＺ,               Ｏｃｔｏｂｅｒ               19,               2008.
               2               "Ｓｔｏｃｋ               Ｍａｒｋｅｔ               Ｃｒａｓｈ-Ｔｈｅ               Ｆｉｒｓｔ               Ｍｅａｓｕｒｅｄ               Ｃｅｎｔｕｒｙ,               Ｐｕｂｌｉｃ               Ｂｒｏａｄｃａｓｔｉｎｇ               Ｓｅｒｖｉｃｅ,               ©               1995               -               2008,               ｗｗｗ.ｐｂｓ.ｏｒｇ/ｆｍｃ/ｔｉｍｅｌｉｎｅ/ｅｓｔｏｃｋｍｋｔｃｒａｓｈ.ｈｔｍ
               3               Ｓｃｒｉｐｔｕｒａｌ               Ｑｕｏｔａｔｉｏｎｓ               ｔａｋｅｎ               ｆｒｏｍ               Ｐｒｏｖｅｒｂｓ               16:18,               14:7,               16:29,               18:1,               22:6,               21:20,               14:18,               27:13,               11:28,               Ｔｈｅ               Ｗａｙ,               Ｔｈｅ               Ｌｉｖｉｎｇ               Ｂｉｂｌｅ               Ｉｌｌｕｓｔｒａｔｅｄ               Ｅｄｉｔｉｏｎ,               Ｔｙｎｄａｌｅ               Ｈｏｕｓｅ               Ｐｕｂｌｉｓｈｅｒｓ,               Ｗｈｅａｔｏｎ,               Ｉｌｌｉｎｏｉｓ,               ©               1977.
               4               Ｓｔａｎｌｅｙ               Ｋｕｒｔｓ,               "ＭｃＣａｉｎ               Ｍａｎ               Ｇｒａｍｍ               ｔｏ               Ａｍｅｒｉｃａｎ,               Ｙａｈｏｏ               Ｎｅｗｓ,               Ｓｔｏｐ               Ｗｈｉｎｉｎｇ",               Ｎｅｗｓ-Ｙａｈｏｏ.ｃｏｍ,               ©               2008,               ｎｅｗｓ.ｙａｈｏｏ.ｃｏｍ/ｓ/ｔｈｅｎａｔｉｏｎ/20080710/ｃｍ_ｔｈｅｎａｔｉｏｎ/453361
               5               "Ｏ'ｓ               Ｄａｎｇｅｒｏｕｓ               Ｐａｌｓ,               Ｂａｒａｃｋ'ｓ               Ｏｒｇａｎｉｚｅｒ               Ｂｕｄｓ               Ｐｕｓｈｅｄ               ｆｏｒ               Ｂａｄ               Ｍｏｒｔｇａｇｅｓ",               Ｎｅｗ               Ｙｏｒｋ               Ｐｏｓｔ,               Ｓｅｐｔｅｍｂｅｒ               29,               2008,               ｗｗｗ.ｎｙｐｏｓｔ.ｃｏｍ/ｓｅｖｅｎ/09292008/ｐｏｓｔｏｐｉｎｉｏｎ/ｏｐｅｄｃｏｌｕｍｎｉｓｔｓ/ｏｓ_ｄａｎｇｅｒｏｕｓ_ｐａｌｓ_131216.ｈｔｍ?ｐａｇｅ=0
               6               Ｃａｔｈｅｒｉｎｅ               Ｒｅｇｏｒ,               "Ｂｉｇ               Ａｒｉｚｏｎａ               Ｍｏｒｔｇａｇｅ               Ｆｒａｕｄ               Ｂｕｓｔ",               Ｔｈｅ               Ａｒｉｚｏｎａ               Ｒｅｐｕｂｌｉｃ,               Ｐｈｏｅｎｉｘ,               ＡＺ,               Ｊｕｎｅ               19,               2008,               ｗｗｗ.ａｚｃｅｎｔｒａｌ.ｃｏｍ/ｂｕｓｉｎｅｓｓ/ａｒｔｉｃｌｅｓ/2008/06/19/20080619ｍｏｒｔｇａｇｅｆｒａｕｄ0619-ＯＮ.ｈｔｍｌ
               7               Ｔｈｏｍａｓ               Ｈｅａｔｈ,               ａｎｄ               Ｄｉｎａ               Ｅｌｂｏｕｇｈｄａｄｙ               ,               "Ｖｅｔｅｒａｎ               Ｆｉｎａｎｃｉｅｒｓ               ｔｏ               Ｈｅａｄ               Ｆａｎｎｉｅ,               Ｆｒｅｄｄｉｅ",               Ｗａｓｈｉｎｇｔｏｎ               Ｐｏｓｔ.ｃｏｍ               ,               Ｓｅｐｔｅｍｂｅｒ               8,               2008,               ｗｗｗ.ｗａｓｈｉｎｇｔｏｎｐｏｓｔ.ｃｏｍ/ｗｐ-ｄｙｎ/ｃｏｎｔｅｎｔ/ａｒｔｉｃｌｅ/2008/09/07/ＡＲ2008090702313.ｈｔｍｌ
               8               "Ｈｉｓｔｏｒｙ               ｏｆ               ｔｈｅ               Ｔｒｅａｓｕｒｙ",               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ               Ｄｅｐａｒｔｍｅｎｔ               ｏｆ               Ｔｈｅ               Ｔｒｅａｓｕｒｙ,               Ｏｆｆｉｃｅ               ｏｆ               ｔｈｅ               Ｃｕｒａｔｏｒ,               ©               2001,               ｈｔｔｐ://ｗｗｗ.ｕｓｔｒｅａｓ.ｇｏｖ/ｅｄｕｃａｔｉｏｎ/ｈｉｓｔｏｒｙ/ｓｅｃｒｅｔａｒｉｅｓ/ｒｅｒｕｂｉｎ.ｓｈｔｍｌ
               9               "ＮＤＢＤ,               Ｔｒａｃｋｉｎｇ               ｔｈｅ               Ｗｏｒｌｄ",               Ｓｏｙｌｅｎｔ               Ｃｏｍｍｕｎｉｃａｔｉｏｎｓ,               ©               2006,               ｗｗｗ.ｎｎｄｂ.ｃｏｍ/ｐｅｏｐｌｅ/164/000023095/
               10               Ａｂｄｏｎ               Ｍ.

Ｐａｌｌａｓｃｈ,               "Ｓｔｒｏｎｇ,               Ｓｉｌｅｎｔ               Ｔｙｐｅ",               Ｃｈｉｃａｇｏ               Ｓｕｎ               Ｔｉｍｅｓ,               Ｄｅｃｅｍｂｅｒ               17,               2007,               ｗｗｗ.ｓｕｎｔｉｍｅｓ.ｃｏｍ/ｎｅｗｓ/ｐｏｌｉｔｉｃｓ/ｏｂａｍａ/700499,ＣＳＴ-ＮＷＳ-Ｏｂａｍａ-ｌａｗ17.ａｒｔｉｃｌｅ
               11               Ａｓｓｏｃｉａｔｅｄ               Ｐｒｅｓｓ,               "Ｌｉａｒ               Ｌｏａｎｓ               Ｍａｙ               Ｐｒｏｌｏｎｇ               Ｍｏｒｔｇａｇｅ               Ｃｒｉｓｉｓ",               Ｔｈｅ               Ａｒｉｚｏｎａ               Ｒｅｐｕｂｌｉｃ,               Ａｕｇｕｓｔ               19,               2008,               ｗｗｗ.ａｚｃｅｎｔｒａｌ.ｃｏｍ/ｂｕｓｉｎｅｓｓ/ａｒｔｉｃｌｅｓ/2008/08/18/20080818ｂｉｚ-ｌｉａｒｌｏａｎｓ18-ＯＮ.ｈｔｍｌ
               12               Ｄｏｎ               Ｆｒｅｄｅｒｉｃｋ,               ａｎｄ               Ａｎｄｒｅｗ               Ｍａｌｃｏｌｍ,               "Ｊｏｅ               Ｂｉｄｅｎ'ｓ               Ｈｉｓｔｏｒｙ               Ｌｅｓｓｏｎ               Ｏｆｆ               ｂｙ               4               Ｙｅａｒｓ,               ａｎｄ               1               Ｐｒｅｓｉｄｅｎｔ               Ｂｕｔ               Ｏｔｈｅｒｗｉｓｅ               Ｐｒｅｔｔｙ               Ａｃｃｕｒａｔｅ,               Ｔｏｐ               Ｔｉｃｋｅｔ,"               Ｌｏｓ               Ａｎｇｅｌｅｓ               Ｔｉｍｅｓ,               ©               2008.
               13               "Ｔｈｅ               Ｂｕｃｋ               Ｓｔｏｐｓ               Ｈｅｒｅ               Ｄｅｓｋ               Ｓｉｇｎ,"               Ｈａｒｒｙ               Ｓ.

Ｔｒｕｍａｎ               Ｌｉｂｒａｒｙ               &               Ｍｕｓｅｕｍ,               ｗｗｗ.ｔｒｕｍａｎｌｉｂｒａｒｙ.ｏｒｇ/ｂｕｃｋｓｔｏｐ.ｈｔｍ,               Ｉｎｆｏｒｍａｔｉｏｎ               ｏｎ               ｗｅｂｓｉｔｅ               ｔａｋｅｎ               ｆｒｏｍ               Ｍｉｔｆｏｒｄ               Ｍ.

Ｍａｔｈｅｗｓ,               ｅｄ.,               Ａ               Ｄｉｃｔｉｏｎａｒｙ               ｏｆ               Ａｍｅｒｉｃａｎｉｓｍｓ               ｏｎ               Ｈｉｓｔｏｒｉｃａｌ               Ｐｒｉｎｃｉｐｌｅｓ               (Ｃｈｉｃａｇｏ,               Ｕｎｉｖｅｒｓｉｔｙ               ｏｆ               Ｃｈｉｃａｇｏ               Ｐｒｅｓｓ,               1951),               Ｉ,               ｐａｇｅｓ               198-199.






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