If links are what you want, here's one to an Investors Business Daily editorial:
The Real Culprits of This Meltdown Here's a link to the New York Times showing the Bush Administration's attempt in 2003 to regulate Fannie Mae and Freddie Mac, which Democrats stopped cold.
New Agency Proposed to Oversee Freddie Mac and Fannie Mae Here's another one:
Financial Markets are in a Mess Here's the direct quote Robert B. Reich, Clinton's Labor Secretary, made on MSNBC, the network no one watches:
In the latter years of the Clinton administration -- when I was not there any longer, I should add -- there was an attempt by Alan Greenspan and Bob Rubin and a few others to deregulate financial markets, and they did. They split commercial banking off from investment banking. And many people say, "Well, that was the beginning of the problem," and then, of course, in 2003-2004, Alan Greenspan reduced short-term interest rates to the point where every single bank wanted to lend money. I mean, if you could stand up straight you could get a bank loan because there was so much pressure to get that money out the door. Money was so cheap. So, yes, there is some responsibility on Democrats, some responsibility on Alan Greenspan and the Fed.
Conventional wisdom, even inaccurately mentioned on the Fox News Channel, which is allegedly in the tank for Republicans, says that McCain is universally for deregulation and would not have supported regulating Fannie Mae. This is inaccurate as McCain sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005. Here is a quote from McCain on the floor of the Senate in 2005 as he predicted disaster ahead:
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.
Obama opposed the bill, in lockstep with Democrats whom he votes with 97% of the time. Anyone still voting for the guy (Obama) who's taking economic advice from the people who caused this problem and couldn't support a fix for the problem when he had the chance to do so? What's he going to change that isn't just going to recreate this financial mess later?
