This article makes a pretty good claim that the Dems are the cause behind this whole mess by blocking bill S.190 to reform Frannie and Freddie. I think McCain needs to pound Obama on his ties to Freddie and Fannie and the damage that relationship caused the economy.
But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.
That such a reckless political stand could have been taken by the Democrats was obscene even then. Wallison wrote at the time: ``It is a classic case of socializing the risk while privatizing the profit. The Democrats and the few Republicans who oppose portfolio limitations could not possibly do so if their constituents understood what they were doing.''
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