Democrats at center of financial crisis point fingers at others
Representative Barney Frank and Senator Chris Dodd, two figures at the center of the financial scandals that spun out into a crisis, are trying to shrug off the blame onto others. In a letter to USA Today they to blame the free market.
First, it will be hard to justify that Democratic "members supported virtually any program that provided credit to low-income purchasers and inner cities, regardless of whether this lending was prudent," when in fact we have been trying to pass a national anti-predatory lending legislation for years. But we were thwarted by a deregulation-loving Republican Congress that wanted to allow the "free" market to work its magic.
There's epic fail there. Both Frank and Dodd (among others) have been on record and on video as trying to stifle attempts to police the lending markets. In this video Frank claims "nothing is wrong" (starting at 4:52 and again at 6:02).
And Chris Dodd's sweatheart loan deals are well documented.
Once again we have people at the center of the scandals pretending to be watching out for our interests and pledging to find "the real criminals".
It would be funny it it weren't costing taxpayers two trillion dollars.
First, it will be hard to justify that Democratic "members supported virtually any program that provided credit to low-income purchasers and inner cities, regardless of whether this lending was prudent," when in fact we have been trying to pass a national anti-predatory lending legislation for years. But we were thwarted by a deregulation-loving Republican Congress that wanted to allow the "free" market to work its magic.
There's epic fail there. Both Frank and Dodd (among others) have been on record and on video as trying to stifle attempts to police the lending markets. In this video Frank claims "nothing is wrong" (starting at 4:52 and again at 6:02).
And Chris Dodd's sweatheart loan deals are well documented.
Once again we have people at the center of the scandals pretending to be watching out for our interests and pledging to find "the real criminals".
It would be funny it it weren't costing taxpayers two trillion dollars.