Number 1.

“Freddie Mac and Freddie Mae are fundamentally sound……I think they are in good shape going forward.”

-Barney Frank, House Financial  Services Committee Chairman, July 14, 2008. Two months latter, the govt forced the mortgage giants into conservatorships.

Number 2

“AIG could have huge gains in the second quarter”

-Bijan Moazami, analyst, Friedman, Billings, Ramsey, May 9, 2008

Number 3

“Existing-Home Sales to trend up in 2008”

-Headlines of a National Association of Realtors press release, December 9, 2007

Number 4

“I expect there will be some failures…..I don’t anticipate any serious problems of that sort among large internationally active banks”

-Ben Bernanke Federal Reserve Chairman. Feb 28, 2008

Number 5 my favorite

“In today’s regulatory environment, it’s virtually impossible to violate rules.”

– Bernard Madoff, money manager, who was arrested for allegedly running a Ponzi scheme of about $50 billion

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