Thee Federal Reserve lowered its key rate to 1%. Convinced that inflation is no-longer a problem, the Fed believes this is the time to help stave off a recession. This policy didn’t work well when Greenspan tried in 2001 - it helped the jump in oil price and drove the dollar to fall against other currencies - oh and it made lending for home super cheap.

Combined with aggressive lending from the Federal Reserve, a Fannie and Freddie newly reflushed with cash to buy up mortgage backed security , and the federal government going on a mortgage buying spree…

Does this sound like 2002-2006 all over again, just a bit bigger? Are our policymakers really this dense….this is truly criminal.