Asked if the U.S. is to blame for the problems, Obama said the U.S. “has some accounting to do” with respect to the regulatory system, but also said that around the world there was a “mismatch” in regulatory regimes.
But, said Obama, “I had a professor when I was in law school who said some are to blame but all are responsible. I think that’s the best way for us to approach this now.” Brown nodded as Obama spoke.
The media always seems to conveniently forget who tried to tighten regulations on Freddie and Fannie and who it was that thwarted those attempts.