Corruption contains both the letters D and R.
Bush in 2003 proposed a bill for additional regulatory oversight of the housing finance industry. In 2005, the House overwhelming passed the Federal Housing Finance Reform Act, designed "to create a stronger regulator for Fannie Mae and Freddie Mac." Chuck Hagel and John McCain co-sponsored a bill to provide additional oversight of Fannie and Freddie. The Senate never pushed any bill out of committee so their was no rat filibuster.
The rats created a poisonous atmosphere for reform. The rats gave strong signals that pushing reform of the housing finance industry would be fought fiercely. The rats had their usual support (race hustlers and ACORN). In addition, they had strong industry and labor support. The rats have repeated this pattern many times. They can gain support of an unholy alliance between labor, welfare advocates, and industry. The long standing CRA created a wall that no one would touch.
The rats are up to their eyeballs in culpability for this mess. The Republicans played a passive role by proposing legislation but not pushing it in the Senate.
“Shame on us for allowing Dem policies to be be in operation in 2005 to bankrupt the country when we contolled Congress and the White House.”
That is the bottom line. Whether Republicans like to admit it or not, the failure to stop this makes it every bit as much a Republican issue as a Democrat issue.
This is a big-government issue. Republicans and Democrats are both on the side of big-government.
Folks need to look no further than the mirror. Anyone who still claims to be a Bush supporter after what the last 8 years (and especially the last 6 months) have brought us is simply in denial. That probably includes a healthy majority of folks that read this site every day.