Video: Financial crisis in 10 minutes or less

“Burning Down the House” has been floating around the net for a few days:

Ed Morrissey has a few salient points to add:

A few clarifications should be made. This video lays all of the blame on Democrats, which is a natural reaction in an election year, but that lets a lot of Republicans off the hook. In 2003, the Bush administration tried to stop the runaway train of Fannie Mae and Freddie Mac, and Republicans controlled both chambers of Congress. Democrats alone didn’t stop this. No one filibustered the Bush administration’s bill in the Senate; it didn’t have the votes to pass anyway. Likewise in 2006, when Chuck Hagel, John McCain, John Sununu, and Elizabeth Dole attempted to fix Fannie and Freddie, Republicans controlled Congress and did nothing to pass this bill. Democrats blocked it, but without some help from Republicans, both efforts would have passed easily.

Posted by PUMA Pundit

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