Thursday, September 25, 2008

Deregulation Led to the Crisis

... but not in the way you might think. Dig this.


Kelly the little black dog said...

Using FOX noise for proof of anything is pretty dubious. It like using the daily show. If the white house really thought there was a problem, the GOP had six years where they controlled both houses and the presidency - why didn't they enact any changes then? They claim they were blocked, but they got everything else they wanted. This is just the rewriting of history to blame the DEMs. Both sides, including McCain, are responsible for this mess.

K T Cat said...

First off, I don't see much evidence that FOX is any less of a source of information than anyone else, PBS included.

As for the details, they are all public record. The problem was that too many pockets were being lined on both sides to get the votes. Both Fannie Mae and Freddie Mac were hiring former politicians in very high paying jobs once those pols left office. I'm sure this was done deliberately to insulate themselves against just such an attempt to regulate them.

I'm far more willing to believe the McCain wanted to control the situation than anyone else in DC. There is no one else within the Beltway who has consistently shown the ability to go in his own direction regardless of the political consequences.

K T Cat said...

Dude! Dig this. Bill Clinton himself says the Democrats in Congress bear the responsiblity of preventing regulation of Fannie Mae and Freddie Mac. That's pretty damning evidence right there.

K T Cat said...

Here's the bill McCain co-sponsored that would have prevented this crisis. Here's the article describing the timeline.

We tried to use quasi-governmental banks as instruments of social equality. That didn't work.