Monday, September 13, 2010

Smoking Bazooka

The Democrats' Fannie is Showing
    After the global financial crisis, no politician would dare chide another for too much "safety and soundness." But in 2004, 76 Democrats actually asked President Bush not to manage Fannie Mae responsibly.

    There are smoking guns and then there are smoking bazookas. The June 28, 2004, letter from Rep. Barney Frank, D-Mass., House Speaker Nancy Pelosi, D-Calif., and dozens of other House Democrats to President Bush, posted by Moe Lane on last week, forever squashes Democratic claims about the mortgage crisis not being their fault.

    "We urge you to reconsider your administration's criticisms of the housing-related government sponsored enterprises (the 'GSEs') and instead work with Congress to strengthen the mission and oversight of the GSEs," states the missive of nearly a page and a half, signed by a rogues' gallery of 76 House Democrats.

No comments: