How Senate Democrats caused the financial collapse in 2008

How the Democrats Created the Financial Crisis: Kevin Hassett Commentary by Kevin Hassett - September 22, 2008 00:04 EDT

For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets. . .

If that bill had become law, then the world today would be different. . .

But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter. That such a reckless political stand could have been taken by the Democrats was obscene even then. . .

Now that the collapse has occurred, the roadblock built by Senate Democrats in 2005 is unforgivable.

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