Schumer Tries To Rewrite History
Democratic Senator Charles Schumer of New York says a lack of regulation by the Bush administration is responsible for the current economic troubles. The New York Sun reports Schumer says, “Eight years of deregulatory zeal by the Bush administration, an attitude of ‘the market can do no wrong,’ have led us down a short path to economic recession.”
But Schumer fails to mention he has been a leading voice of deregulation. The Sun reports he championed the repeal in 1999 of the Glass-Steagall Act, the law which separated commercial and investment banking.
Watch a Video that Describes who voted for and who voted against Fannie Regulation: http://www.foxnews.com/video-search/m/20997113/blame_game.htm?q=blame+game
He also wrote an opinion piece for The Wall Street Journal in 2006 which warned about what he called “overzealous regulators” and opposed a bill in 2005 that would have transformed Freddie Mac and Fannie Mae from large investment funds into “conduits” that only bought mortgages, packaged them into securities and sold them on the market.
The 2005 bill was defeated by Democratcs in Congress.
Filed under: Barack Obama, Financial Crisis, Joe Biden, John McCain, Mortgage Crisis, Sara Palin, Sarah Palin, Tax Payer Rip Offs Tagged: | Bailout, Bankig Crisis, Deregulation, Economic Crisis, Economy, Financial Crisis, Tax Payer Rip Offs