By 2004, all of the elements of the current financial collapse had been in place for several years. The aggressive approach to enforcing the Jimmy Carter Community Reinvestment Act (CRA) started under Bill Clinton in 1998, and the seemingly endless appetite of Fannie Mae and Freddie Mac had turned massive numbers of bad loans into mortgage-backed government securities and had spread like cancer throughout the system. In 2004, a year after the "Failed Policies of the Bush Administration" tried to tighten regulation and oversight on Fannie and Freddie, Congress was told yet again that disaster loomed. The Democratic response is very insightful to seeing who really is responsible in allowing this collapse to occur.
Now Im not pointing the finger at any party...... How ever I'm not going to let any finger pointing by any politician go unchecked. Politicians need to take the "Beam" out of their own eye first.
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