Why The Mortgage Crisis Happened

[Evan Miller]

Explained at http://www.ibdeditorials.com/IBDArticles.aspx?id=310173877357981

Villains: People who helped to create the crisis and often benefited
financially through the years (and should be kicked out of office if
they are still alive):

President Franklin D. Roosevelt (D)
President Johnson (D)
Sen. William Proxmire (D)
President Carter (D)
ACORN (yes, the same government-financed group now engaged in voter
registration fraud in 12 states)
Barack Obama while working for ACORN in the 1990s
Chairman of the Senate Banking Committee, Christopher Dodd (D)
Senate Rep. Barney Frank (D)
Madeline Talbott, ACORN
Freddie Mac CEO Syron
President Clinton (D)
Sen. Ted Kennedy (D)
Rep. Maxine Waters (D)
Attorney General Janet Reno
HUD Secretary Cuomo
Fannie Mae Executives James A. Johnson; Franklin D. Raines; Lawrence
M. Small; Jamie S. Gorelick; Timothy Howard; Robert J. Levin
Sharon McHale, Freddie Mac
Rep. Paul Kanjorski (D)
Rep. Marge Roukema (R)
Rep. Carolyn Maloney (D)
Rep. Paul Kanjorski (D)
Fannie Mae Vice Chairman Jamie Gorelick
Rep. Melvin Watt (D)
Rep. Maxine Waters (D)
Rep. Gregory Meeks (D)
Rep. Lacy Clay (D)
Rep. Arthur Davis (D)

Heroes: People who tried to stop it but were blocked/mocked by
Democrats, Media, and powerful people at Fannie Mae/Freddie Mac

Rep. Jim Leach (R)
The City Journal
Rep. Richard Baker (R)
Treasury Undersecretary Gary Gensler
Peter Wallison, American Enterprise Institute
Competitive Enterprise Institute President Fred L. Smith Jr.
Rep. Richard Baker (R)
President George W Bush
Office of Federal Housing Enterprise Oversight director Armando Falcon
Jr.
Sen. Chuck Hagel (R)
Sen. Elizabeth Dole (R)
Sen. John Sununu (R)
Treasury Secretary John Snow
Greg Mankiw, chairman of the president's Council of Economic Advisers
Deputy Secretary of Treasury Samuel Bodman
Rep. Ed Royce (R)
Rep. Christopher Shays (R)
Rep. Don Manzullo (R)
Fed Chairman Alan Greenspan
Sen. John McCain (R)
Sen. Mel Martinez (R)

Rep. Davis (D) admits Democrats were in error: "Like a lot of my
Democratic colleagues, I was too slow to appreciate the recklessness
of Fannie and Freddie. I defended their efforts to encourage
affordable homeownership when in retrospect I should have heeded the
concerns raised by their regulator in 2004. Frankly, I wish my
Democratic colleagues would admit when it comes to Fannie and Freddie:
We were wrong."

Why would we elect more Democrats to oversee economic policy?