Plunging stock prices on Wall Street found Democratic policymakers grasping for answers. House Speaker Nancy Pelosi (D-Calif) quickly assured the nation that it was not the Democrats’ fault. “We didn’t do anything,” she insisted. The facts back her up on this point. In 2003, President Bush proposed reform of the Fannie Mae and Freddie Mac government-backed mortgage lenders. Congress rejected the proposal. In 2005, Senator McCain introduced a bill along similar lines. Congress rejected this proposal, as well. A possible explanation for why congress “didn’t do anything” may lie in the substantial political donations made by key personnel at these...
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Financial Crisis Befuddles Dems
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