This is a slam dunk for McCain.
This is so shameful that these political hacks are now deriding the very people who had vision enough to try to head it off.
my motto: Never trust a Democrat.
Here’s an article that talks about the oversight that the Bush Administration proposed in 2003.
I love the quote near the bottom by Rep. Barney Frank...
‘’These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,’’ said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ‘’The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.’’
Here’s a couple of articles that (in addition to other stuff) talk about the repeal of the Glass-Steagall Act in 1999, and its impact on the housing market.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aDSFgf3DHR_A&refer=exclusive
http://www.prospect.org/cs/articles?article=the_bubble_economy
This kind of news is still not filtering down to the typical yahoo on the street. All day long I run into people who blame Bush for the financial crisis and have no clue when I attempt to point them in the right direction. People are just either too lazy or too dumb to delve into the causes and just make surface-level determinations in who to blame. It’s very frustrating, the McCain team needs to blast this into TV ads time and time again, because TV networks filter the message and it never gets heard by the right audience.
McCain needs to invest a lot of campaign ads using this NYT article plus the fact Obama has received a lot of campaign money from Freddie Mac. The Dems didn’t want to do anything about the FMs because it was underwriting a lot of mortgages for minorities that couldn’t afford the mortgages. This is a huge winner for McCain.
thanks for posting.
i heard rush say it in my car.
it’s amazing how supposedly intelligent people hate bush.
for example, this morning bill handel of kfi am 640 los angeles was bashing bush again.
he blamed this financial crisis on bush.
no mention of president clinton on november 12, 1999 signing the dereg bill for banks
and no mention of the democrat party involvement in fanny mae and freddy mac.
bookmark
Good job Bill!!!! (Isn’t the internet a wonderful thing?)
It’s not a slam dunk, because the media is ignoring it.
If the parties were reversed, every evening news story would be about how the Democrats TRIED to fix this, but the evil republicans blocked it to pay off their fat-cat friends.
And since the MEME is that Republicans are big-business fat-cats, the people would believe it.
But because the Republicans were trying to clean up, and the Democrats were in bed with the financiers, it doesn’t fit the story line, so the media ignores it.
The power of the media to distort goes far beyond bias in the stories they tell. Far worse is the bias in the choice of which stories NOT TO TELL.
ping