Who Caused the Collapse?

I've been following the unfolding crisis in great detail utilizing all of the information available on the Internet and through the press and media regarding Fannie Mae and Freddie Mac and the whole financial collapse and, unfortunately, can only surmise that "it's all about the money" in politicians', regulators', and Wall Street's pockets ["Democrats Were Wrong About Fannie Mae and Freddie Mac," October 6, usnews.com].

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I've been following the unfolding crisis in great detail utilizing all of the information available on the Internet and through the press and media regarding Fannie Mae and Freddie Mac and the whole financial collapse and, unfortunately, can only surmise that "it's all about the money" in politicians', regulators', and Wall Street's pockets ["Democrats Were Wrong About Fannie Mae and Freddie Mac," October 6, usnews.com]. Everyone was overcome by greed, and there was no concern for the average citizen, at least until it was way too late.... It will happen again and again because of basic human greed, unless maybe this time, the coming depression will cause all of those responsible to jump out the window and be replaced by human beings who both are intelligent and do care.

Comment by Fred Silva of MA

I fail to see how the Democrats are to blame when they controlled Congress for two out of the eight years referenced by the whitehouse.gov statement. Mathematically, this leaves them with 25 percent of the blame. Who can argue with math? Oh, yes, Republican mouthpieces like [Michael Barone].

Comment by Cobra McFarkul of TX

It has been reported that Wall Street has given much more to the Obama campaign than to the McCain campaign. My point here is that Wall Street did so because it sensed the Democrats would win, and win big. When it was Republicans who were expected to win, they were the ones who got the majority of the money. Campaigns do not refuse legal donations no matter who they are from. That leads me to the option of doing away with raising private money in order to run a campaign. It always looks bad at some point. Nobody gives big money without expecting something in return.

Comment by Susan of WI

For every instance that a Democrat blocked reform, there is one that a Republican blocked reform. There were plenty of attempts in the past two years to fix this crisis by Democrats, but they were filibustered by Republicans. Why did Bush wait until the Democrats took office, until right before an election, to try to force through reform legislation? There was plenty of time when he had a friendly party and adequate political capital to pass whatever bills he wanted. People had been talking about this bubble since it started in 2001. It seems disingenuous to imagine that this whole crisis is some sort of conspiracy perpetrated by Democrats in the past two years. I would hope that the reason McCain isn't nitpicking over various bills is because he doesn't want to mislead the American public into thinking that one party had more responsibility for this crisis than the other.

Comment by Patrick of CA