Before you lay our current economic problems on the misdeeds of "Reagan-era Republicans," you should know some things about the role of Democrats in causing the housing collapse and resulting recession.
You might be unaware that, at least as far back as 2003, the Bush administration sought legislation to create a new agency to regulate Fannie Mae and Freddie Mac. There was growing concern about their risky loans, but all fears were dismissed by Rep. Barney Frank (D), ranking member of the House Committee on Financial Services. Congress did nothing. In 2007 President Bush wanted Fannie Mae and Freddie Mac to complete a reform package before being allowed to expland their business. But Fannie Mae and Freddie Mac's other protectors in the Senate, particularly Sen. Christopher Dodd (Democrat and Chairman of the Senate Banking Committee) vigorously opposed any of this. Democrats wanted affordable housing for everyone, no matter how fiscally unsound this might be for the lenders. Democrats had no concerns for taxpayers, who were eventually forced to bail out Fannie and Freddie.
Hindsight is 20/20, and I'm sure there are Republicans and Democrats who wish they had done more to stop the housing bust. Clearly, however, it is the Democrats who have left the most fingerprints at this particular crime scene. It was their policies, promoted by Frank and Dodd, that got our economy into so much trouble.
Note to Moderator: I hope this doesn't earn me a second infraction for derailing a thread. I am merely responding to claims that deserve to be challenged.
