- There is no excuse in terms of how the rescue was handled. Whomever designed it was either in the pocket of the banks or incompetent.
- Even though Volcker had tamed inflation and was a very effective Fed Chairman, Reagan did not reappoint him. Reagan was looking for an ideologue. And he found one.
- Fannie & Freddie were latecomers to the problems and were a sideshow. It was the private banks that brought it on.
h/t Barry Ritholtz