I know you guys are probably sick of hearing about this, but check out this quote from Barney Frank (the Democratic Congressman who is blaming the economic crisis on Republicans. From Frank’s Wikipedia article:
In 2003, Frank opposed Bush administration and Congressional Republican efforts for the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis. Under the plan a new agency would have been created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that were the two largest players in the mortgage lending industry.
“These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis,” Frank said. He added, “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Thanks for the honesty (and short memory), Barney.