Idiot's Solution: Let's Abolish School Districts! | Main | NFL Picks Week 13
December 02, 2008

Associated Press Shifts the Blame

That whole mortgage meltdown?

It's all Bush's fault.

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.


digg this
posted by Slublog at 10:03 AM

| Access Comments




Recent Comments
votermom pimping great books!: "Our doggeh has not let Girl Franpsycho out of his ..."

Gordon: "Pat, Fear not. They will find it, and tell thei ..."

Anonymous-9: "Thanks to all the commenters who let the family kn ..."

Cosmic Charlie: "The Austin 2nd set smoked ..."

fly gal: "The pet thread is such a great, cathartic avenue a ..."

colfax mingo: "Nice pet tales and pics. RIP. Vegan is just ..."

stace : "That "smart dog" link is funneh! ..."

Deplorable Lady with a Deplorable Basket of Deplorable Cats: "Grammie: Such a beautiful picture of Annie posed a ..."

Pat*: "Once again, little going on in Idaho's Treasure Va ..."

BJ54: "PURE what? (I leave the answer to your imagination ..."

wth: "I'm never in here on Saturday. Pet thread is cool! ..."

JackStraw: ">>JS, check out the Row jimmy from philly fall sho ..."

Recent Entries
Search


MuNuvians
Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
News/Chat
Archives
Powered by
Movable Type 2.64