Tuesday, September 23, 2008

Financial Crisis Could Have Been Solved...In 2003

Dennis Prager's blog has two posts by Alan Estrin regarding the current financial crisis. One post provides a link to this Kevin Hassett article at Bloomberg.com. Mr. Hassett, it must be stated, is a McCain advisor so one could attribute at least some bias to his view.  However, this September 11, 2003 New York Times article, which is referenced in Alan's other post, cannot be dismissed so easily. It is clear that it was Democrats who refused to allow regulation of Freddie Mac and Fannie Mae which might have prevented the current crisis. Even now, as the President is trying to get legislation that deals with the financial crisis through Congress, the Democrats are playing political games by trying to attach unnecessary and unrelated provisions to the bill. This will only delay the process and create even more uncertainty. There is one very good word for the Congressional Democrats - "irresponsible".

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