Democrats Were Wrong

2 10 2008

After the video from a 2004 Congressional hearing that ties the Democrat party to the mortgage crisis, Congressman Artur Davis (D-AL) had this to say:

“Like a lot of my Democratic colleagues I was too slow to appreciate the recklessness of Fannie and Freddie. I defended their efforts to encourage affordable homeownership when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit when it comes to Fannie and Freddie, we were wrong. By the way, I wish my Republican colleagues would admit that they missed the early warning signs, that Wall Street deregulation was overheating the securities market and promoting dangerously lax lending practices. When it comes to the debacle in our capital markets, there is much blame to go around for both sides.”

Mr. Davis is to be commended for going against Madame Pelosi and calling his own party out on this issue. But his effort to share blame with the Republican party is fundamentally flawed. The mess we’re in is not a result of lax regulation on Wall Street. It is a direct result of the efforts of credit-happy liberals. Democrats, in their pursuit to equalize every Americans’ economic status, were determined to give a house to everyone, regardless of ability to pay or even legal citizen status. If you can stand up straight and breathe, you can get a home and have the “American dream.” This began with Bill Clinton and progressed (liberals love that word) into this colossal calamity today. The only failure on the Republican party is not putting their foot down when they had a majority.

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