Blame Game

The New York Times has an interesting 2003 article that is pertinent to the current Washington blame game. Many people are faulting the Bush administration for the blowup of Fannie Mae and Freddie Mac.

This is in fact, untrue. See Investor Business Daily's Editorial from September 18, 2008, for a more accurate picture. Also, another blog provides an interesting timeline of events surrounding Fannie and Freddie from 2001 through 2008. These events were drawn from a White House website. [I'm not necessarily recommending the blog, merely giving creditto Gateway Pundit for publishing this information before it was posted here.]

The Bush administration does not deserve the scorn and hatred being heaped upon it for the Fannie and Freddie disaster. But Bush and McCain need to do a better job of defending themselves and educating the public on the real history. To be certain, McCain took issue with Fannie and Freddie on May 25, 2006 and urged Congress to pass the Federal Housing Enterprise Regulatory Reform Act of 2005. The text of this Act (now dead) can be found here.