Just ignore the fact that it was GOP deregulations that caused the economic collapse, right?
Without the housing bubble collapse, there would have been no bank bailouts, no Lehman bankruptcy, no Countrywide failure, no Fed lending, no AIG, etc., etc., etc. And Fannie Mae and Freddie Mac were at the center of the housing bubble collapse. So tbk, you just ignore the fact that when republicans tried to regulate Fannie and Freddie in 2003-2004 ... democrats said no. Democrats insisted everything was ok. Here, the following video clip shows what happened:
http://www.youtube.com/watch?v=_MGT_cSi7Rs
It shows hearings where democrats in 2004, like Waters, Franks and Schumer, defended Franklin Raines (who, along with fellow democrat Jamie Gorelick, both former members of the Clinton administration, stole almost $100 million out of the system at Fannie Mae, while cooking the books and selling hundreds of billions in mortgages that should never have been sold because they were sure to fail at the first economic downturn).
Let me quote democrat Maxine Waters from it:
"Through nearly a dozen hearings where frankly we were trying to fix what wasn't broke. Mr Chairman, we do not have a crisis at Freddie Mac and particular at Fannie Mae. Under the OUTSTANDING leadership of Mr Frank Raines, everything in the 1992 act has worked just fine."
And democrat Representative Lacy Clay:
This hearing is about the political lynching of Franklin Raines
And then there is Barney Franks,
These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis, the more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
And don't forget that Obama was one of the largest recipients of campaign donations from Fannie and Freddie (right behind democrats Christopher Dodd and John Kerry). He chose Jim Johnson, a democrat who was CEO of Fannie Mae from 1991 to 1998, to help vet his VP choices ... that is until Johnson's underhanded actions at Fannie became public. And even then, that didn't stop Johnson from becoming one of Obama's best campaign donation bundlers.
You sure you want to go there tbk?
