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Deflecting Blame from Democrats   December 1st, 2008
Media now trying to blame Bush for financial crisis       

 
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Amazingly, the media is now trying to blame the Bush Administration for the housing crisis that started the financial crisis. This despite the fact that it has been pretty much established that it was Democrats in Congress that opposed stricter regulations in the housing market.

http://www.cbsnews.com/stories/2008/12/01/national/main4639606.shtml

The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents...

In 2005, faced with ominous signs the housing market was in jeopardy, bank regulators proposed new guidelines for banks writing risky loans.


That in spite of these hearings a year earlier (in 2004) where Republicans sought more oversight and Democrat after Democrat resisted it.

Rather than the media reporting on the fact that Democrats spoke out against regulation in 2004, they're reporting how the Bush administration--a year later--apparently yielded to the industry and avoided applying regulations. But perhaps the Bush administration relented after previous attempts to better regulate the market resulted in Republicans being called racist, Democrats stymieing their efforts in committee hearings like the link above, and on top of that bank officials telling them it wasn't necessary.

It is clear that the media is starting their efforts to rewrite history. Like everything else, they want this to be a Bush problem. Any possibility that Democrats had a hand in it--or even were the primary beneficiaries of fraud at Freddie Mac and Fannie Mae--is almost completely ignored while efforts are made to pin this on Bush years after Republicans were sounding the warning bells in Congress.

Once again the media is demonstrating not only their bias, but their abdication of their duty to fully investigate and report the truth.

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