Timeline Shows Democrats Own Financial Meltdown

Fox News put together a timeline of the financial meltdown, illustrating that while Republicans have been far from perfect the last 8 years, it was Democrats who completely own this implosion.

Only a propaganda campaign from a complicit “mainstream” media has been able to make the lie of Republican responsibility stick.

1. In April 2001 a 2002 budget request from the White House declares the gargantuan size of the government entities Fannie Mae and Freddie Mac are a potential problem.
2. In 2003 the White House raised the warning about Fannie and Freddie to a “systemic risk” 
3. In the fall of 2003 the White House was pushing Congress hard to create a new oversight office to regulate the wild-and-woolly Fannie and Freddie.  But Democrats like Rep. Barney Frank (D-MA) pushed back and insisted there was no problem.  He even said the government should be doing more to get Fannie and Freddie to make politically correct loans to risky borrowers with dubious ability to repay.
4. In 2005 Federal Reserve chairman Alan Greenspan joined the chorus of warnings after Fannie leaders admitted they were making major accounting errors.  He said that if we fail to implement greater oversight of these government entities, we increase the risk of insolvency and crisis.  Again, Democrats, including Senator Chuck Schumer (D-NY), insisted everything was just fine.
5. The timeline also cites a speech by Senator John McCain (R-AZ) on the Senate floor over his concerns about lack of regulation of these government entities, calling for action without delay.  

Isn’t it amazing how Democrats fall all over themselves to meddle in the free market, but when it comes to regulating government organizations and controlling what government does, they get all laissez fair on us.

Just goes along with what we already know about liberals: they despise the free market and capitalism, but believe government has all the answers and can do no wrong. 

Note: Reader comments are reviewed before publishing, and only salient comments that add to the topic will be published. Profanity is absolutely not allowed and will be summarily deleted. Spam, copied statements and other material not comprised of the reader’s own opinion will also be deleted.