Yesterday, Fox ran a story laying the blame for the financial industry crisis at the feet of Sen. Schumer and Rep. Frank. The story fails to mention President Bush's 'Ownership Society' initiatives.
The story suggests that Pres. Bush, former Treasury Secretary Snow and former FED Chairman Greenspan would have saved the country from this calamity if not for the Democrats' obstruction.
Here's the Youtube: Misleading FOX News Story
The story fails to mention the president's "Ownership Society" concept of his early presidency. In a June 2002 White House policy paper titled "A Home Of Your Own: Expanding Opportunities for All Americans" the administration took credit for Freddie and Fannie extending real estate credit:
Chapter 2 Mobilizing the Private Sector: America's Homeownership Challenge
...
As an initial response to President Bush’s challenge, a number of national organizations involved in homeownership have agreed to commit specific resources, devote organizational energy, and begin taking concrete actions to reduce barriers and achieve this goal. Some of the measures to be taken include:
- A substantial increase of at least $440 billion in the financial commitment made by the government-sponsored enterprises involved in the secondary mortgage market, specifically targeted toward the minority market;...
Here's a link to the White House policy paper:
White House (June 2002): "A Home Of Your Own: Expanding Opportunities for All Americans"
When it comes time to assign blame for this fiasco, Deep Throat's recommendation should be remembered: "Follow the money".