Something Every American Should See...
During the second Presidential Debate, Barrack Obama, Presidential candidate and leader of the Democratic Party, criticized John McCain for supporting deregulation and implied that this was a factor leading to the current financial crisis. In addition, during debate in the House of Representatives on the bailout bail, Speaker of the House, Nancy Pelosi (D-CA), blamed the Bush Administration and Republicans for letting greed and corruption on Wall Street "run wild" leading to excessive risk. If that isn't the pot calling the kettle black, I am not sure what is. Democrats in the House and Senate misguided regulators and defended the very risky lending practices and deceptive accounting practices of Fannie Mae and Freddie Mac which led to the subprime lending at the root of the economic crisis and provided bonuses for Fannie and Freddie Executives - something Democrats criticize Wall Street Executives for. Meanwhile, Barrack Obama points out in the aforementioned debate that one of McCain's advisors was a Fannie Mae lobbyist. McCain failed to point out that Barrack Obama in just three short years in the Senate (most of which he has spent running for President) ranks second highest in campaign contributions from Fannie Mae and Freddie Mac, second only to Senator Chris Dodd (D-Conn).
Once again, Democrats display hippocracy in their politics by pointing fingers at Republicans supporting deregulation. Not only did Democrats block Republican efforts to regulate Fannie Mae and Freddie Mac but deceived OFHEO about its lending and accounting practices while these GSEs got deeper in the subprime hole.
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