This might come as news to you but Chuck Hagel of Nebraska spearheaded a regulatory overhaul bill ( which McCain jumped on 8 months later ) back in 2005. It never even came to a vote in the Republican majority Senate because Hagel's effort was "sabotaged" by a REPUBLICAN consulting firm called "DCI" that was paid $2 million by Freddie Mac. Amazing how nothing could get done in the Senate at the time under Majority Leader Bill Frist, R-Tennessee. Hmmmmmm.... http://www.usatoday.com/money/economy/housing/2008-10-20-fannie-freddie_N.htm
You can try to rationalize any piece of news the democrat house and senate wants to dispel.... but in 2001, 2003 , 2005 and 2007 Barney Frank denied any problems. Why would any republican work with the head of the banking committe who is more than likely taking kick backs, working on the board and receiving huge bonuses, like Rahm emanual who was a board member during these years. The beginning of this thread is about why blame Bush. Again why blame him... why not at the very least blame the democrats who were the head of these commette?democrats show some outrage at what these elected democrats so blindly recommended . Your pitiful attempts at rationalization are beneath all of us. Barney Frank should be indicted for dereliction of duty to say the least.
By the way did you read that usa rag and understand what it said? Fannie hired a lobbyist group to sabotage the legislation......the republican sponsored legislation that would have regulated the mortgage company. Do you think the board of fannie and freddie approved that maneuver? Do you think the democratic supporters of fanny and freddy supported that work? Did the head of the republicans want it squashed, Yes, but that would only show that one guy was manipulated by a lobby . Who told fannie and frddie to try to sabotage legislation? It sounds like some peoples livly hoods were being threathened with regulation of the housing sector! RAHM EMMANUEL, BARNEY FRANK, BARACK OBAMA!!! BLAGO