This video from House hearings in 2004 on the accounting problems at Fannie Mae and Freddie Mac shows two things over and over: Republicans aghast at the problems with accounting and other financial practices at the two agencies, and Democrats saying “What — me worry?” Republicans proposing solutions that might well have averted this crisis, and Democrats fighting them tooth and nail:
Note the comments of Democrat Barney Frank. That this man is now engaged in a leadership role in negotiations on a bailout of a problem he helped cause is nauseating.
Needs to be said: Bear in mind the date of this video. Republicans had the majority of both houses of congress at this time. Unless someone can show that Democrats were through filibuster or some other means able to block a reform bill, I can only assume the Republicans had enough votes to pass one, but not enough Republicans cared. They were thus satisfied to let the situation fester, in spite of the pleas of their party colleagues for reform. Democrats bear more of the blame –indeed, they deserve the lion’s share, in my opinion, or I wouldn’t be sharing this video– but the Republicans aren’t without sin in this, either.
However, I think it will take a pair of Republicans to clean it up.
(hat tip: Sister Toldjah)