Isn’t it interesting how, five years ago, President Bush and his administration had recognized the risk inherent in the practices of Fannie Mae, Freddie Mac and others. They recommended an overhaul to tighten oversight with a new regulatory board, and they were blocked by the Democrats. Ed Morrissey at Hot Air has the details.
Yet here we are today, and the Democrats are blaming the Bush administration for this debacle.
Let’s establish the truth. The problem was recognized, but the cure was blocked by Democrats. Just like Democrats are doing their best to make sure nobody drills for oil on American soil or continental shelf.
Draw your own conclusions. But don’t blame Bush for this one.
ADDENDUM: Excerpt from Are We Lumberjacks:
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John McCain, from the Congressional Record, May 25, 2006:
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
———-
Now, that’s interesting. McCain was on the ball 2 1/2 years ago, and before. Read the rest of the article here.
-Popgun
September 18, 2008 at 3:46 pm |
[...] Obama is now trying to hang the current credit crisis on McCain and Bush, when in reality, the Democrats blocked Bush’s attempts five years ago, and McCain’s attempts 2 1/2 years ago, to stop this from happening. [...]
September 21, 2008 at 8:35 am |
[...] here that Bush tried to provide it five years ago and was blocked by Democrats; and McCain tried to provide that oversight just two years ago, and was blocked by Democrats; and [...]
September 22, 2008 at 1:48 pm |
[...] blocked Bush’s attempts five years ago, and McCain’s attempts 2 1/2 years ago, to stop this from happening. Not only that, but Obama has many ties to the people responsible for this fiasco – Fannie [...]
September 29, 2008 at 2:39 pm |
[...] I’m more than a wee bit ticked off at Nancy Pelosi and her self-righteous speech – from everything I can see, the Democrats have way more blame here than the Republicans, who on at least two occasions tried to implement oversight that would have prevented this entire debacle, being stopped BOTH times by Democrats! [...]
October 6, 2008 at 2:53 pm |
[...] pressure on banks to give bad loans. Additionally, he, along with a number of Democrats, acted to kill the legislation John McCain tried to get passed two years ago which called for oversight of Freddie Mac and Fannie [...]