Congress Encouraged Irresponsibility

"But the threat was not unknown. While president, Bill Clinton realized that Freddie and Fannie were out of control - but the Democrats in congress blocked action. Every year since he took office, including 17 times in 2008, President Bush echoed Bill Clinton's warnings on Freddie and Fannie. But congress ignored Bush like they did Clinton.

"Why did congress ignore the warning from both President Clinton and President Bush? The answer is simple - MONEY. Freddie and Fannie acted like a piggy bank for politicians. Some of the same politicians that caused this financial crisis are advisors/supporters to Barack Obama and control both the House and Senate committees. In 2005 the Democrats blocked legislation that would have prevented this crisis. But Speaker of the House Nancy Pelosi said, 'This came out of no where, this is all about the Republicans. We had nothing to do with this.' Pelosi should talk to fellow Democrats Franklin Raines, Jim Johnson, Barney Frank, Chris Dodd, Maxine Waters, Charles Schumer and Jamie Gorelick who are just a few of the Democrat politios that raked in millions in this scam while encouraging irresponsibility."