It's true that Fannie Mae and Freddy Mac were created by Democrats... over half a century ago. No one had any problem with them for the vast majority of that time, nor did either GSE cause any problems. Phil Chapman and I were going back and forth about this in another thread, so let's not get into details, but the existence of these two organizations in and of themselves is not somehow an evil. The issue is that NOBODY created proper oversight. This includes the Republican party in all the years those GSEs were around. Just like any other aspect of bureaucracy, when you have a system that has been in place for a long time, there's typically very little motivation to try and change it. When you talk about things that were done over 50 years ago it's practically irrelevant WHO did it - if they're still around, then clearly the majority approved of them (on both sides.) And both sides are, in fact, to blame on that level.

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US Reps only get a 2 year term. If your premise is correct, all the people elected in the last term were for naught. In fact, based on your view, there's no point in having US Representatives because they can't have any impact nor do they bear responsibility during their 2 year term for what happens. Do you realize this is what you are saying?


This is not what I am saying. What I am saying is that it's unreasonable to say a Democratic majority for the last two years is responsible for the state of the country as it stands now. Let's look specifically at the subprime crisis. As of today, this is a global economic crisis that has truly affected all the major economies in a very bad way. It's not hyperbole to say it's the worst economic crisis since the Great Depression. When there's an event of that MAGNITUDE where the wheels were already in motion by the time 2006 rolled around, NO majority party could have possibly turned it around. I don't believe it would have been possible. Too little, too late.

Without a thorough analysis of exactly what the Democrats did and didn't do over the last two years I simply think it's not logical to say "things would be the same or better under the Republicans." I'm certainly not saying it would be the same or worse under them - I've never made any claim like that. I don't have enough data to make a claim either way, simply that there's no way to know for sure, BUT due to the magnitude and age of the crises we're involved in, it's unrealistic to think that anybody over the last two years could have significantly changed the outcome one way or the other. Momentum.

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