As the days go by, more and more details of the current fiscal disaster are coming to light. Bloomberg reports that a bill was introduced in 2005 that almost certainly would have averted the collapse of the mortgage industry. The bill was co-sponsored by McCain (yes, that McCain) and would have regulated Fannie and Freddie much the way the banking industry is regulated.
Alas! The bill was killed in committee by a partisan vote from the controlling Democrats. As a result (perhaps), these 2 institutions and their employees have funneled hundreds of thousands of dollars into the war funds of some of the leading democrats, among them Obama and Clinton.
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