Want to know the truth about the cause of the banking crisis?

Here, from the NYT 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 new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

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.”

From Senator McCain in 2005-06:
“I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.”

Who stopped these reforms? The Democrats - Frank and Dodd being the most forceful. Obama stayed silent. They received the biggest campaign contributions from the causers. A vote for the Democrats rewards the culprits, and results in cover-ups.

Go to YouTube - look for MouthPeace - it explains it all!

> A vote for the Democrats rewards the culprits, and results in cover-ups.

Sure, JR. But if Obama wins, we’ll all get a free house, and free health care too. And a big tax cut, except for all those wicked rich people.