House Democrats: Out Of Touch

QandO had a great post about the role congessional Democrats had in the present financial markets fiasco. When the Bush administration proposed new regulatory oversight over Freddie Mac and Fannie Mae the Democrats said "no way."

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Yeah! Who could have forseen the need for added regulation back then??

Oh, yeah that's right...the Republicans.