I was listening to Newstalk ZB today and a couple of time, a commentator would largely blame the Republicans for the failure of the trillion dollar bailout, because the bulk of the Republican senators voted against the bill. However, while Barack Obama seems to be making the most political capital from the crisis, we must still remember that the Democrats are largely to blame for the current crisis. First, their ideas encouraged the banks to lend easy money for politically correct affirmative action reasons, when such loans were to people who could not afford them. A few years back, the Republicans tried to regulate Fannie and Freddie, but were thwarted by the Democrats, many of whom, including Barack Obama receive kickbacks from Fannie and Freddie. Economist Stan Leobowitz explains how Liberals created the Wall Street woes of today. Newsbusters highlights a New York Times story from 1999, rvealing how in the Clinton era, Fannie and Freddie eased their lending criteria. Fox News sums up how it happened in just a few minutes.
Here are some congressional hearings a few years back and look how the Republicans are demanding tighter regulation of Fannie and Freddie but the Democrats kept saying no, and they won.
Here we have the Fannie Mae CEO praising the Congressional Black Caucus and the Democrats, with more footage highlighting how Obama and other Democrats took fannie and Freddie money while blocking sifficient regulation of Fannie and Freddie and blaming the Republicans today.
Finally, watch this comprehensive 10 minute You Tube offering looking at 'affordable' mortgage policies, a housing bubble, the Democrats and Barry Obama all playing a role in the current crisis.