Who's to blame?

In order to place responsibility for the economic disaster that has hit us all we have observed that:

Since the Democrats have taken control of the Senate and House and the key economic policy making positions (Harry Reid D.Nev. Senate Leader, Nancy Pelosi D.Calif. House Leader, Christopher Dodd D.Conn. Senate Banking Committee Leader, Barney Frank House Banking Committee Leader), home prices have plummeted, unemployment has escalated, the stock market has dropped over 30 percent and banks have severely restricted lending. I agree we need a change in our political landscape, but are Obama and his friends the correct ones?”

Miscellaneous musings

In July 2005 Senator Chuck Hagel R-Neb. introduced a Bill to regulate and downsize the mortgage giants Freddie Mac and Fannie Mae, Three years before the government took control to prevent their collapse. Mr. Hagel said, quote "If effective regulatory reform legislation...is not enacted this year, 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."

In the Senate Banking, Housing and Urban Affairs Committee, where the Bill was introduced, all Republicans supported it and all Democrats opposed it. The Bill never came to a full vote in the Senate.

Today Obama and his friends are criticizing the Republican Administration for lack of Regulatory Oversight of the mortgage industry resulting in our current financial crisis.

As the late football coach, Vince Lombardy famously said, "What the hell's going on out there?!"

Richard Callahan