Dave, not saying there isn't any blame on the present admin. But if it doesn't get to the desk then what? Everything that has occurred on Bush's watch has been his fault (according to the Dems). Like I say, maybe we will finally get our chance to watch the Dems. screw it up. There won't be any excuses then. Unless of course they tell us they can't reverse the wrongs.

I just shudder when I think back to the Warren Court era. You think the criminals have all the rights now? Just wait till we get a few more ACLU attorneys in the mix.
Better sharpen up your defense skills.

I know it's an old tired argument that Clinton did this and Clinton did that. It's also an old tired argument that Reagan screwed up the economics plan. And how long did we hear about Nixon? There are plenty of screw ups dating back to when I can remember by Harry Truman,(Korean Conflict, still there) John Kennedy, Bay of Pigs, Vietnam, Lyndon Johnson, Richard Nixon, and of course beloved JC (loved those 18% interest rates).

Just show me one bill that got to GWs desk for signature that would have helped this crisis. There has to be one. Bush is probably as much at fault by his silence as anyone. But other than speaking out what is it that he could have done? I blame them all. And I hope we don't see chest thumping and grandstanding if they actually pull this off. All I want to see is apologies to the American public and assurance they will at least try to do better in the future.








******************GUESS MCCAIN DID NOT LIE IN THE DEBATE LAST NIGHT!***********

In 2005, Sen. Charles Hagel sponsored the Federal Housing Enterprise Regulatory Reform Act with McCain, Dole and Sununu as co-sponsors. But the bill was prevented from coming up for a vote by the Democrats, therefore it died.
Below is McCain's floor speech advocating the Bill. Had it been voted on, we probably wouldn't be in the Financial crisis that we are in.
Congressional Record > May 25, 2006
FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005
The United States Senate
May 25, 2006
Section 16

Se n. John McCain [R-AZ]: Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were 'illusions deliberately and systematically created' by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

Democrats blocked this bill before it could come to a vote.