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mediaspin 02-04-2010 09:27 AM

The Financial Crisis: Lets Go to the Video Tape...
House Democrats blame the collapse of our housing markets and overall financial meltdown on the unregulated free market and lack of government oversight of Wall Street when Republicans controlled congress. Listen to Nancy Pelosi weep and wail about the evils of "unregulated", "unrestricted" free enterprise, and wring her hands about the supposed GOP reluctance to regulate and reform housing institutions.

Now cut to the tape of Democrats telling us that absolutely nothing was wrong with Fannie and Fredde, the Government-Sponsored Enterprises (GSE's), that for over a decade, at the behest of Democrats strong-armed banks into extending home loans to people with poor credit / extremely low down payment/etc. all to attain some arbitrary percentage of home ownership, because our central planners inside the beltway felt people who couldn't afford homes "should" be able to own them.

Flooding Wall Street with junk mortgages masked as Prime Triple A loans, Washington engineered and perpetuated the incentive for millions of these mortgage-backed securities to be gobbled up by banks.

Economic Vindicator!: The Financial Crisis: Lets Go to the Video Tape...

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