Dems share some blame in economic meltdown
While I generally agree that it is the anti-regulatory environment pushed by Republicans for the last decade that is primarily responsible for the current crisis, there is one area where that is not the case: Freddie Mac and Fannie Mae.
Democrats, led by Barney Frank and Chuck Schumer, have consistently shielded these entities from further regulation under the argument that their business model encouraged homeownership for lower and middle income families. They did so despite being warned that the over-leveraging these companies engaged in posed precisely the systemic risk we are now seeing come to pass. Meanwhile, Bush and the GOP tried and failed to push for greater oversight (one of the few things over which I’ve agreed with them the last few years).
While this unflattering video is from Fox News, I consider the reporting accurate:
Gotta call a spade a spade.
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