Filed under: Economy, Election 2008, History, Liberalism, News the Media Doesn't Want You to Hear, Politics | Tags: Democrat lies, Fannie Mae, Freddie Mac
Yes! Democrats are up to their eyeballs in this crisis. Republicans warned about it, Republicans tried numerous times to do something about it, Democrats blocked them every time!
What happened next was extraordinary. For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets.
If that bill had become law, then the world today would be different. In 2005, 2006 and 2007, a blizzard of terrible mortgage paper fluttered out of the Fannie and Freddie clouds, burying many of our oldest and most venerable institutions. Without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed.
But the bill didn’t become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn’t even get the Senate to vote on the matter. We now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd, have received mind-boggling levels of financial support from them over the years. [read the whole thing]
This is important. Polls show Americans currently favor the very same Democrats who got us into this mess to get us out of it. The very same Democrats who promise more of the same, who promise to do the exact same thing to healthcare.
But polls also show 18% of voters are undecided. Dems are furiously telling them that capitalism, and the same Republicans who tried to reform Fannie and Freddie are the ones responsible for this crisis. Now is the time to make sure they get accurate information.
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