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Deregulation: The Big Lie

John on October 28, 2008 at 9:06 am

This is an important issue that could (should) change some swing voters minds about which candidate is best prepared to deal with the financial crisis. So please, spread this one around:

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Here’s the bullet point summary:

  • The current crisis was not caused by a deregulated “anything goes” market, but by liberal intervention in the market, i.e. forcing banks to make high-risk loans or face costly lawsuits.
  • Starting his first year in office, President Bush raised alarms about what was going on at Fannie Mae and Freddie Mac. He made a serious attempt at reform in 2003 which was rebuffed by Democrats who were angry that “safety and soundness” was being raised as an issue.
  • Barney Frank promised that, even if they were to fail, the government would not bail our Fannie and Freddie.
  • Democrats continued to fight any attempt at regulation out of concern that it might dry up the flood of subprime mortgage money. (Hey, that was the idea, dummies!)
  • John McCain co-sponsored legislation on 2006 designed to provide additional regulation and oversight of Fannie and Freddie.
  • Obama has been a non-entity on this entire looming crisis, yet now claims he can fix it?
  • Deregulation wasn’t the problem. Democrats were the problem.

Share this with a few of your swing voter friends.

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Category: Politics |

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