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December 02, 2008

Associated Press Shifts the Blame

That whole mortgage meltdown?

WASHINGTON - The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents.

The article doesn't mention Barney Frank, Chris Dodd, Fannie Mae and Freddie Mac, or the Community Reinvestment Act. It blames the crisis on lack of government regulation and too much trust in "market forces." As Investor's Business Daily points out, it wasn't the Bush administration who opposed such regulation.

In 2003, Bush's Treasury secretary, John Snow, proposed what the New York Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago." Did Democrats in Congress welcome it? Hardly.

"I do not think we are facing any kind of a crisis," declared Rep. Barney Frank, D-Mass., in a response typical of those who viewed Fannie and Freddie as a party patronage machine that the GOP was trying to dismantle. "If it ain't broke, don't fix it," added Sen. Thomas Carper, D-Del.

It seems the media is not content to simply cover for the Democrats for their role in causing this crisis - they've got to find a way to completely blame George W. Bush even if that means rewriting history. After all, honest reporting would muddle the future headlines singing praise to the Lightworker for solving the crisis those evil, capitalism-loving Republicans left behind.

Memo to the Associated Press: die faster, please.

posted by Slublog at 10:03 AM

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It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents. The article doesn't mention Barney Frank, Chris Dodd, Fannie Mae and Freddie Mac, or the Community Reinvestment Act. It blames the crisis on lack of government regulation and too much trust in "market forces." As Investor's Business Daily points out, it wasn't the Bush administration who opposed such regulation. In 2003, Bush's Treasury secretary, John Snow, proposed what the New York Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago." Did Democrats in Congress welcome it? Hardly. "I do not think we are facing any kind of a crisis," declared Rep. Barney Frank, D-Mass., in a response typical of those who viewed Fannie and Freddie as a party patronage machine that the GOP was trying to dismantle. "If it ain't broke, don't fix it," added Sen. Thomas Carper, D-Del. It seems the media is not content to simply cover for the Democrats for their role in causing this crisis - they've got to find a way to completely blame George W. Bush even if that means rewriting history. After all, honest reporting would muddle the future headlines singing praise to the Lightworker for solving the crisis those evil, capitalism-loving Republicans left behind. Memo to the Associated Press: die faster, please. posted by Slublog at 10:03 AM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments BeckoningChasm: "Of course he won't let in a lot of Palestinians. ..." Bete: "Even other Muslims don't want them. ..." Catch Thirty-Thr33: "Also does not help that my company's North America ..." Bete: "Sponge ..." Mr Aspirin Factory, red heifer owner: "Not eating any Rat-in-the-Box. ..." 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