WALL ST. MESS BUSH'S FAULT?

Laughable. At least from the Freddie and Fannie end of things.

Five years ago the Bush administration tried to put in place a new agency within the treasury dept to oversee them both. It died in congress. People like B. Hussein Obama and Chris Dodd were too busy getting lobbyist dollars and preferential treatment.

Now all I hear is how much Bush is at fault.

HA!

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
''There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.

Suck it dems. Evil party.

Click title for full NYT(!) article from 9-11-03(double !)