The financial crisis is being labeled by all concerned as the most serious crisis since the Great Depression. People on the street, myself included, are scrambling to figure this out. Now Democrats are calling for more regulation of financial institutions. However, in the recent past, they blocked such regulations despite calls from the Bush administration, Alan Greenspan and John McCain. Watch this FOX News report for details.
Now examine the contributions of Fannie Mae and Freddie Mac to politicians. Senate Banking Committee Chair Chris Dodd leads the way. He also didn’t want McCain to come to town and mess up the deal he helped construct for the bailout.
The top four receivers of contribution were:
1. Dodd, Christopher J. (D-CT) $133,900
2. Kerry, John (D-MA) $111,000
3. Obama, Barack (D-IL) $105,849
4. Clinton, Hillary (D-NY) $75,550
Now I know John McCain’s campaign manager lobbied for Freddie and Fannie but it is clear that this role by Rick Davis did not prevent Sen. McCain from calling for more oversight. Forgive me if I am less than trusting of a Democratically controlled Congress speeding a rescue package through. I believe the answer has to be a bi-partisan effort but I also am skeptical that the one’s who have been saying everything is fine should be the one’s leading the charge.
See also Bill Clinton’s confirmation that the Democrats stonewalled regulation.