Dean Baker: I saw this scenario in 2002

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Dean Baker has been on record since at least 2002 as predicting both the mortgage bust and the Fannie-Freddie collapse.

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“If housing prices fall back in line with the overall rate price level, as they have always done in the past, it will eliminate more than $2 trillion in paper wealth and considerably worsen the recession. The collapse of the housing bubble will also jeopardize the survival of Fannie Mae and Freddie Mac and numerous other financial institutions.”

Dean Baker, 2002

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