2000: Dr. Martin Baily, chairman of Pres. Bill Clinton's Council of Economic Advisers, declares: "The fundamentals look very good. As long as we stick to sound policy, there's no reason why it [the nation's economic expansion, now 107 months long] cannot continue indefinitely." By yearend, the economy is heading into recession.

The Wall Street Journal, February 11, 2000, p. A2.

1938: "Fannie Mae" is born, as the National Mortgage Association of Washington (later the Federal National Mortgage Association) is created as a subsidiary of the Reconstruction Finance Corp. Its mission: to buy and sell home mortgages insured by the Federal Housing Administration, in order to create a liquid market for mortgage debt that will encourage lenders to continue making home loans.