Records: Federal Reserve Officials Foresaw, Joked About Housing Bubble in 2006The clip includes anecdotes noting that already in 2006 Fed officials were aware of homebuilders being forced to offer large "incentives" (i.e., bribes) to try to get exhausted buyers to soak up the bubble supply, and engaging in open shams (some might say "fraud") to dupe potential buyers into thinking local housing conditions were more robust than they actually were. Indeed, by this time the phrase "Liar's Loans" had already made its way into the mainstream media vocabulary.
Revenge of the Absurd: U.S. Sues S&P
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