Quote:
Originally Posted by RIJIMMY
but he fought against regulating both entities, and he is chariman of the house financial services committee. He was THE leading proponent for the solvency of these entitities.
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This is the talking points version.
The reality is that both Clinton and Bush had pushed Fannie and Freddie to expand low income lending. In 2003 when Frank remarked about their solvency there certainly was no consensus by Democrats or Republicans on the issue. Bush had plenty of opportunities but couldn't get enough GOP support. Frank has also admitted recently (go figure) at the time he missed the warning signs.
It looks like in 2007 when Frank actually became chairman (not just a ranking Dem), the first thing he did was to pass tougher regulations. He's since worked to pass even more regulations...
Like I said, he's been a player in all of this, he's made some mistakes, but to ignore the Republicans contribution and the influence of Wall Street is just partisan politics and not an attempt to understand the problem.
-spence