Financial Disaster Foretold as Early as 2001, Dems Resisted Change
I think President Bush spent way too much money on his watch. The interesting tidbit is that he started warning Congress as early as 2001 that something had to be done about Fannie Mae and Freddie Mac or the problems inherent in their structure could lead to a collapse of the financial markets. Congress, led be Rep Barney Frank and Sen Charles Schumer, refused to listen. And here we are. The stock market is reeling, Congress can’t wait to distribute the next bailout payment, and we, the taxpayers are left holding the bag (the repayment bag, that is).