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Oct 23, 2008

Democrats defend Freddie and Fannie.

There seems to be reluctance among the general public, especially the liberal ones to accept that the Freddie Mac and Fannie May debacle was the responsibility of the Democrats, who resisted every effort by Republicans to boost oversight. There seems to be the perception that it must be Bush’s fault as he was in the White House when the storm broke.

Bush cannot rule without Congress. This clearly shows that Republicans wanted more oversight of these institutions whle Democrats refused.

Take note of Obama’s economic advisor, Frank Raines who reaped huge bonuses while using questionable book keeping methods, to meet financial targets.

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