The nerve with which they hold forth about "unbridled capitalism" and "deregulation" while conveniently forgetting their culpability in government interference in the market, which first pressured banks (via Community Reinvestment Act) and then incentivized banks (via Fannie Mae and Freddie Mac) to make risky loans to people with troubled credit history.
As for Frank and Co., watch them deny, deny, deny the crisis in 2004, a year after the Bush administration (and, no surprise, John McCain) tried to tighten up Fannie/Freddie oversight, so they could keep the gravy train moving. Republicans are not blameless in this by any means, as they still had a majority when reforms were suggested, but the brazenness with which Democrats are blaming today's crisis on the market they manipulated for their own gain should not be overlooked. (Mary Ham 2008)"
No comments:
Post a Comment