From the New York Times 1999 (see the article uncovered by Dave Simonds below): Peter Wallison said: ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''
Peter Wallison should be considered "one of the guys who had it right all along". We should be listening to this guy now, instad of Barney Frank and Chris Dodd who appear to be complicit contributors to the problem.
Who is Peter Wallison?
Peter Wallison Biography from www.sec.gov
Here is a good interview with Peter Wallison from September 2008:
Q&A with Peter Wallison on the topic of the economic crisis