When did the Financial mess start?

-By Warner Todd Huston

Bush tried to regulate and supervise Fannie and Freddie… but the Democrats scoffed at it all and blocked Bush from trying to fix the financial mess. So, whose fault is the economic mess?

Here is what Representative Barney Frank said in 2003 about Fannie and Freddie:

“Fannie Mae and Freddie Mac are not in a crisis.”

“The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the treasury, which I do not see — I think we see entities that are fundamentally sound financially and will withstand some of the disaster scenarios. And even if there were a problem the federal government doesn’t bail them out. But the more pressure there is there, then the less I think we see in terms of affordable housing.”

Here is a video that YouTube initially pulled because it proved that the Democrats are at fault.

Copyright Publius Forum 2001