It's the reverse when it comes to the democrat congressional leadership and this financial debacle, they're blaming President Bush when it's by and large their fault.
The New Hampshire Union-Leader (courtesy of Watchtower.com) has editorialized:
For 16 years reformers in Congress have tried to improve oversight of Fannie Mae and Freddie Mac and prevent the government-chartered companies from putting the housing market and the whole economy at risk. All that time, Frank was involved in efforts to block those attempts, and in the last eight years he was a leader of those efforts.
In 2002, shortly before accounting irregularities were exposed at both companies, Frank said, “I do not regard Fannie Mae and Freddie Mac as problems,” The Wall Street Journal reported. After the Freddie Mac accounting scandal in 2003, Frank said, “I do not think we are facing any kind of a crisis.”
Not only did the dems block increased scrutiny and oversight of the twin FMs, they forced banks to approve loans to a flood of poor people who could not afford them. That's all you really need to know.
True to form, the democrats troll the backwater of the ghettos and barrios promising handouts, government cheese, entitlement programs and finally the ruinous sub-prime loans in exchange for votes to keep them in power to take more of your money for federal giveaways to give the country's net tax takers.
The stated reason....? Because poor people should have a home, as nice a home as those who are qualified for the loans and worked hard to get where they are. The poor and the diversities don't have to do that... they have the Democrat Party operating the cash spigot.
Blinded by BDS (Bush Derangement Syndrome), these Jim Jones types reflexively blame the president (and John McCain) when they were the ones sounding the alarm and predicting this exact crisis.
Mark Krikorian over at The National Review has it right:
Credit Is Not a Civil Right [Mark Krikorian]
I have no way of judging whether the Wall Street bailout is a necessary evil or an impending disaster. But we're in this mess, ultimately, because our political elites thought it was good social policy to encourage banks to give mortgages to uncreditworthy people, resulting in what Sailer months ago called the "Diversity Recession" (if this doesn't work, make that the Diversity Depression).
In other words, if poor people in general, or blacks or Hispanics in particular, were less likely to be approved for a mortgage, the only possible reason was racism or classism or whatever. Thus "creditworthiness" was an illegitimate, dead-white-male concept, like middleclassness. Because, after all, isn't everyone entitled to credit?
Therefore, I propose any bailout bill start with these words: "It is the sense of Congress that credit is not a civil right."