Monday, September 22, 2008

Turns out we can blame more people.

I just read an article on bloomberg.com that explains how the collapse happened and who was really responsible. It might shock you, but it was the senate democrats in 2005. The legislation that would have prevented Freddie and Fannie from taking on so much risk was caught in partisan wrangling and was never allowed to go before the whole body of the senate to be voted on. 

Funny part is, McCain backed it. Obama, Hillary, and Dodd opposed it because each had received thousands of dollars from Fannie and Freddie. Obama got $125,000, Hillary got $75,000 and Dodd got $165,000 Ooops. Guess we can't pin this one on the republicans.
Note: Please read the linked article before giving a knee jerk response.

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