Financial flashback?

[03cavPA]

A lot of it has to lie with those who actually thought taking out those loans was a good idea. Seems like enough fraud to go around, if you ask me. Lenders looking to make a quick, if questionable, buck, borrowers looking for a "steal" of a deal, and no one watching the hen house.

In fact, at the time that BushCo was proposing more oversight, Dem Barney Frank : insisted that there was no crisis, and that all GW was trying to do was restrict low income access to housing.

Bob already mentioned it, but here's what DemCo had to say about it. It bears repeating.

http://query.nytimes.com/gst/fullpag...gewanted=print

.... ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said. .....

Well, you see where that got us. ...... Those problems should have been "exaggerated" far more at the time.

To lay all of this solely on GW gives the man far too much credit. He had a lot of help from both sides of the aisle. I thought the Pelosi Gang was going to right all wrongs in one fell swoop. What happened there? They were giddy with delight when they took over. They were going to be our saviors.

I'm not a Bush supporter, but let's get real here for a moment.

opcorn: