Barack Obama is on the campaign trail, Hillary Clinton is doing network interviews, and the talking heads are on the network news shows, all trying to lay blame for the collapse of Fannie Mae-Freddie Mac at the feet of Wall Street, the Bush Administration, John McCain, and any other Republicans they can.

With the usual help from the MSM, you'd think they would be successful with once again pulling the wool over the eyes of the American public.

Not so.

"The Bush administration [Sept.11,2003] recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crises 10 yrs. previously."

http:query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&scp=1&sq=&st=nyt

"Among the groups denouncing the proposal...were the National Assoc. of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing."

"These two entities--Fannie Mae and Freddie Mac--are not facing any kind of financial crises," said Representative Barney Frank of Mass., the ranking Democrat on the Financial Services Committee.

"The more people exaggerate these problems, the more the pressure there is on these companies, the less we will see in terms of affordable housing." Rep. Frank added.

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

"I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing," Mr. Watt said.

Investor Business Daily in their Editorial page, Monday, September 15, 2008, stated the following:

"Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the 'trickle-down' economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.

"But it was the Clinton administration, obsessed with multiculturalism that dictated where mortgage lenders could lend, and originally helped to create the market for high-risk, subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street's most revered institutions.

"The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and the Democrats now decry as not only greedy but 'predatory.'"

You can read this entire editorial at:

http://www.ibdeditorials.com/IBDArticles.aspx?id=306370789279709

Under the president's [Bush, 2003] proposal a new agency would have been created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac. The new agency would have had the authority, which, at the time rested with the Democrat-controlled Congress, to set one of the two capital-reserve requirements for the companies. It would have exercised authority over any new lines of business. And it would have been able to determine whether the two were adequately managing the risks of their ballooning portfolios.

The Bush administration's proposal was endorsed in large part by Fannie Mae and Freddie Mac and would not have repealed the significant govt. subsidies granted to the two companies.

(this is additional information taken from the NY Times article written by Stephen Labaton)

No wonder there is nobody in the Democrat-controlled Congress calling for an investigation of the screwed up regulation and oversight of these companies...THEY [DEMOCRAT CONGRESSMEN] ARE THE CULPRITS!!

They were lining their pockets with campaign contributions from Freddie Mac and Fannie Mae!!

Christopher Dodd DemocRAT Senator from Connecticut was the number 1 recipient of Fannie Mae and Fannie Mac campaign contributions.

BARACK HUSSEIN OBAMA (having only been in the Senate now for 3 years) is a CLOSE 2nd!!

John "Genghis Khan" Kerry rounds out the top 3 recipients of Fannie Mae and Freddie Mac largess!

Barack Hussein "...my Muslim faith" Obama is now on the campaign trail railing about the "greed of Wall Street" and blaming the collapse on "the failed policies" of President Bush's administration; implying that with John McCain, the American people can expect more of the same.

The Mainstream media and the talking heads, including PBS News Hour regular and supposed conservative pundit and Republican mouthpiece David Brooks, do nothing to call this moronic liar on his hypocrisy!! Nothing new there, in fact, if anything, they continue to cover his butt by spreading the populist (socialist) propaganda that Wall Street is to blame.

("White folks greed runs a world in need" I suppose.) Except the "greedy white folks are Congressional Democrats and the Obamazebra.)

What would be laughable if it wasn't so infuriating is that Obama is getting away with blaming Bush and McCain while he is personally benefitting from the financial catastrophe he helped create and which is now being dumped on you and me!

Further, on May 25, 2006, Senator John McCain stood on the Senate floor and pleaded with the Senate to pass a new law which he and 3 other Republican Senators co-sponsored titled, THE FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005--(an excerpt of his comments):

"The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines (now by the way, one of Barack Obama's economic advisors), Fannie Mae's former executive officer, OFHEO's report shows that over half of Mr.Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement of Freddie Mac.

"I urge my colleagues to support swift action on this GSE (Government-sponsored entities) reform legislation."

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190

Last Action: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.

Status: Dead

Congressional Democrats, Barack Hussein Obama included are the real culprits in this meltdown.

But the uninformed masses of Obamamaniacs and dimwits who make up the DemocRAT Party will eat the $h!t coming out of the mouth of the Socialist mouthpiece candidate for president, as always putting style above substance....

....as they continue to be carried away on waves of lofty rhetoric...chills running up their legs...while marching straight to hell under the spell of their Marxist pied-piper.