It is unpopular to say that the mortgage meltdown was a multi-player event. Dem and Pub Presidents and Congresses all had a hand in it. I call it a failure of the Fed-Gov period. Yes it started with the Dems, but the Repubs were enablers at the least.
The GOP doesn't come close to the DUms in the pocket of Freddie/Fannie. Of all people, McCrisis saw the damage forthcoming and tried to fix it:
"JOHN GIBSON: Alright Heather. Lehman Brothers’ collapse is traced back to Fannie Mae and Freddie Mac, the two big mortgage banks that got a federal bailout a few weeks ago. Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs...which politicians get Fannie and Freddie political contributions. The top three U.S. Senators getting big Fannie and Freddie political bucks were Democrats and number two is Senator Barack Obama. Now, remember, he has only been in the Senate four years but still managed to grab the number two spot ahead of John Kerry, decades in the senate, and Chris Dodd who is chairman of the Senate banking committee. Fannie and Freddie have been creations of the Congressional Democrats and the Clinton White House, designed to make mortgages available to more people, and as it turned out, some people who couldn’t afford them. Fannie and Freddie have also been places for big Washington democrats to go to work in the semi-private sector and pocket millions. The Clinton Administration’s White House budget director Franklin Raines ran Fannie and collected 50 million dollars. Jamie Gurilli, Clinton Justice Apartment Official, worked for Fannie and took home 26 million dollars. Big Democrat Jim Johnson, recently on Obama’s VP search committee has hauled in millions from his Fannie Mae C.E.O. job.Now remember, Obama’s ads and stump speeches attack McCain and Republican policies for the current financial turmoil. It is demonstrably not Republican policy and worse, it appears the man attacking McCain, Senator Obama, was at the head of the line when the piggy’s lined up at the Fannie and Freddie trough for campaign bucks...." - FoxNews, Sept. 2008
...and that is precisely why the RINOS/Ruling Class Republicans need to be defeated with the Demoncrats. PERIOD!
Huge Federal Government is a core tenet of RATS though. Yes Pubbies have contributed, but philosophically Conservatives and most Republicans stand against this kind of market intervention that has led to this debacle.
Not a one of them, Democrat or Republican could have done any of it without being enabled by the central bank.
“but the Repubs were enablers at the least.”
Not quite true....
They only “enabled” to the extent that they let it happen, because every Repub that tried actually DOING SOMETHING to stop it, and stop the huge flow of money to DEMOCRATS and Democrat Orgs like ACORN, was pilloried in the media as a RACIST, and a hater of poor people.