I know this will be painful to the libs, Democrats and Bush bashers, but.....
The New York Times, that icon of liberal journalism said in 2003:


The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken.


The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session

Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee.

The Democrats were successful in blocking Bush.

Please read the whole story here.

http://query.nytimes.com/gst/fullpag...gewanted=print

Guess who the four highest rewarded beneficiaries of Fannie Mae Freddy Mac political generosity were.

1. Dodd, Christopher J
S
D-CT
$133,900

2. Kerry, John
S
D-MA
$111,000

3. Obama, Barack
S
D-IL
$105,849

4. Clinton, Hillary
S
D-NY
$75,550
The entire list that also includes Nancy Pelosi and some Republicans can be found at:

http://www.opensecrets.org/news/2008...-of-fanni.html

Bush tried for reform in 2003 and look who blocked the reform that would have substantially mitigated the "meltdown".

Did I mention that Barack Obama was third in line when Fannie Mae and Freddy Mac rewarded those that blocked George W. Bush. It's ironic that the source is the New York Times. Bet they wished they never covered this story. Of course now we're all better informed because you will never see this story in the mainstream media. Only on TOTV. Viva TOTV

P.S. In case you were wondering about Open Secrets

http://en.wikipedia.org/wiki/OpenSecrets.org