Jonah Goldberg :: Townhall.com :: Wall Street Fat Cats Aren't At Fault This Time

Jonah Goldberg :: Townhall.com :: Wall Street Fat Cats Aren't At Fault This Time: "The biggest dose of poison entered the financial bloodstream through Washington. And some people warned us. In 2003, Fannie Mae and Freddie Mac revealed they cooked their books to overstate their earnings and that they didn't really know what was going on. The Bush administration pushed for reforms, but those efforts were rebuffed by Congress, with Democrats Barney Frank and Christopher Dodd taking point, because Fannie and Freddie have spent millions in campaign contributions.
In 2005, McCain sponsored legislation to thwart what he later called 'the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole.'
Obama, the Senate's second-greatest recipient of donations from Fannie and Freddie after Dodd, did nothing."