Who blocked Regulation of Freddie and Fannie?
Here is a video of statements made in congress from 2004.
Barack Obama and his supporters have been saying that the current financial crisis was caused by a lack of regulation.
Many people in congress were calling for increased regulation on Freddie and Fannie long before this crisis occurred. Most of the people asking for more regulation were republicans. Some republicans even sponsored legislation to increase regulation, including John McCain (Read the bill).
Many people in congress claimed that there were no problems with Freddie and Fannie. Most of those people were democrats. The democrats even attempted to discredit the OFHEO (Office of Federal Housing Enterprise Oversight) regulator.
I do not like playing the blame game but the democrats insist on blaming the republicans when there is clear evidence that they blocked attempts to increase regulation. This is the truth and it needs to be stated loudly.
1Big Denali
wrote on 30 September 2008 at 15:11
Here’s a Washington Post article which sheds more light on this issue.
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/18/AR2008091803159.html?nav=hcmodule
2The Queen
wrote on 30 September 2008 at 15:52
Very informative. Thanks for posting. I am also delighted that the McCain campaign has finally released an ad in response to Obama’s false accusations that McCain and the Republicans are responsible for the current fiasco. It is becoming quite clear that it was Barney Frank and his cohorts who enabled and facilitated this travesty under pressure from the criminal voter fraud group, Acorn. Did you notice how the Democrats tried to give Acorn money in the bailout package and failed?
In short our economy is tanking because of a socialist measure [presided over by corrupt Democrats who resisted all Republican attempts at regulation and oversight] aimed at providing housing for people who couldn’t legitimately afford it!