TYT: Republican Revisonism and The Meltdown

[maddezmom]

Republican Revisonism and The Meltdown
posted by MRFred 10/04/2008 02:12:15 PM EST


"Almost none of the $1.5 trillion of cratering subprime mortgages were backed by Fannie or Freddie. Fannie and Freddie, which wouldn't accept crazy floating rate loans, which required income verification and minimum down payments, were left out of the insanity." Aaron Pressman , Bussiness Week September 26 2008






For years, Congress failed to act and it is deeply troubling that what we are seeing is an exercise in crisis management rather than sound planning, and at great cost to taxpayers.We promise the American people that our administration will be different. We have long records of standing up to special interest ...John McCain




The right wing spin starts with a very real 2003 proposal to create a new regulatory agency to oversee Fanny and Freddy. According to the myth...the big bad Democrats would have none of it, favoring the "minorities" over sound banking practice. As the story comes to a close, Bush as Don Quixote , was the lone voice of reason in the wilderness of Democrat deregulators...warning of the financial melt down.

Sounds nice...it's total bullshit...but a nice story none the less.


One problem with this fantasy: The Republicans controlled the White House and both houses of Congress in 2003.

http://www.theyoungturks.com/story/2008/10/4/141215/688/Diary/Republican-Revisonism-and-The-Meltdown