It's easy to blame whoever happens to be in the White House when things go wrong. As a matter of fact, I think on domestic matters Bush has been a pretty weak President. I abhor the $700 Billion that he wants to use to "bail out" the mortgage issue. Perhaps if we had a huge surplus and could do so with cash. But the well is dry, and he wants the American taxpayers to go into debt to buy more debt. I am no economist, but it sounds like to me we are slightly delaying and greatly exacerbating the problem.
However, that all being said, look who called for reforms and oversight of Fannie Mae and Freddie Mac 5 years ago and notice who blocked said reforms. We do need change in Washington, but God help us if it's not the right change.
New Agency Proposed to Oversee Freddie Mac and Fannie Mae|NY Times, 9/11/2003
"Among the groups denouncing the proposal today [9/11/2003] were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing."
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