Faith and Facts

The Democrats have been denying that they are the primary cause of the Fannie and Freddie fiascos. Even Bill Clinton admits that there needed to be greater regulatory controls and key Dems consistently fought against them. Listen to Cal Thomas:

When Speaker Nancy Pelosi took to the floor of the House on Monday to blame Republicans for the financial turmoil and charge them with a laissez-fare attitude toward regulation, it seemed like a calculated effort to shift attention and accountability from what Democrats have done to create the current conditions. Fortunately, we have YouTube.

At a 2004 hearing of the Government Sponsored Enterprises Subcommittee, then-Chairman Rep. Richard Baker (R-La.) predicted the collapse of Fannie Mae if nothing was done. Baker called for more regulation, something Democrats claim Republicans never wanted. In an editorial Tuesday, The New York Times got it wrong when it accused Republicans of engaging in “free markets-above-all ideology.” That just isn’t true. President Bush was calling for more oversight of Fannie Mae and Freddie Mac in his first year as president, though he also praised efforts to expand minority home ownership at a time when bad credit risks were straining the system.

Read the rest of the article – WORLD Magazine

I am ready to Kill the Bailout

Right Voices is on target again with a collection of quotes from Dems – In Their Own Words

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Filed under: Democrats, Economy, subprime