Blame the Democrats for financial mayhem

Christopher Collins Charlottesville
Published: October 30, 2008

Stories in the media now claim that voters are more inclined to vote for Democrats as a result of the financial crisis.

We need to ask: Why are the media leaving the voters so blissfully ignorant of the history of Fannie Mae and the true origins of the subprime mortgage crisis?

I challenge any fair-minded person to answer the following and still say the crisis is a Republican creation and that a Democratic Congress and Democratic president would obviously be better equipped to deal with it.

— Which president began the well-intentioned but ultimately insane policy of pressuring Fannie Mae to make more loans to low-income people with poor credit? 

l What former White House budget director was head of Fannie Mae until 2004, tucked away some $50 million for himself, then resigned under an investigation for “cooking the books,” resulting in a lawsuit against him over alleged financial improprieties and in a $400 million fine for Fannie Mae? 

— What congressman and senator in recent years led the charge in protecting Fannie Mae from efforts by White House regulators to rein in Fannie Mae before it became a monster? 

— What four senators received the most campaign contributions from Fannie Mae and Freddie Mac?

— Which party has had a majority in Congress, with responsibility for overseeing Fannie Mae’s multi-trillion dollar house of cards the past two years? 

Answers: Democrat Bill Clinton; Democrat Franklin Raines; Demo-cratic Congressman Barney Frank and Democratic Sen. Chris Dodd; Democratic senators Dodd, Hillary Clinton, Barack Obama and John Kerry; the Democratic Party.