Same Old Thinking; The Leadership of the Democratic Party

Hearings on increasing regulatory oversight of Freddie and Fannie Mae were held in 2004. This video shows clearly that members of congress from the Democratic party, including Barney Frank, vigorously defending Freddie and Fannie against charges of mismagement and financial unsoundess. Republican members of congress are shown vigorously challenging the fiscal soundness of Freddie and Fannie and calling for increased regulatory oversight. Flash forward to 2008, and House Speaker Nancy Pelosi is shown in the video placing all blame for the failure of Freddie and Fannie on the Republican party's so-called "anything goes" no-regulation policies. Let me see if I have it straight: republicans pushed for regulation in 2004 and you blocked them. Now in 2008, you are selling the idea that this crisis was caused by lack of regulation and right wing ideology. I'm not buying it, but I guess slightly more that 50% of the American people did.

Now that their party has majorities in congress and the presidency, Speaker Pelosi and Rep. Frank are in charge, and the very people that denied there was a problem in 2004 and fought against fixing it back then are now the ones in charge of cleaning it up in 2008.