An editorial in Monday’s Washington Post sets the record straight — at long, long, long, long, long, long last — on who bears the lion’s share of the blame for the current economic collapse. (Link via Captain Ed.)
Now that the worst is over and people have settled on the Bush Administration and John McCain as the blameworthy ones, the WaPo has jumped in to save the day with their brilliant revelation (which the hobos of the blogosphere have been screaming at the top of our virtual lungs for weeks now) that everybody’s got it precisely backwards.
They’ve finally clued in to the fact that the culprit was the deliberate loosening of lending standards by Democrats so that poor people (read: people to whom no sensible lender would ever think of issuing a mortgage) would be able to take out a home loan, regardless of ability to pay the thing back. Not only that, but Bush and McCain in particular pushed more than once to exercise tighter oversight over this lax new policy’s primary vehicles, Fannie Mae and Freddie Mac. These efforts at better regulation were stiffarmed at every turn by Banking Committee Democrats in the House such as Barney Frank and Maxine Waters, and those in the Senate such as Christopher Dodd and — the horror! — Barack Obama. Dodd and Obama each took more campaign money from Fannie and Freddie lobbyists than all 98 of their Senate colleagues, which is an achievement for Obama, who has been in the Senate less than four years.
In Hot Air’s “Quote of the Day,” Allahpundit cites Orson Scott Card (described in an Editor’s Note as “a Democrat and a newspaper columnist, and in this opinion piece he takes on both while lamenting the current state of journalism”):
If you [in the journalistic trade] want to redeem your honor, you will swallow hard and make a list of all the stories you would print if it were McCain who had been getting money from Fannie Mae, McCain whose campaign had consulted with its discredited former CEO, McCain who had voted against tightening its lending practices.
Then you will print them, even though every one of those true stories will point the finger of blame at the reckless Democratic Party, which put our nation’s prosperity at risk so they could feel good about helping the poor, and lay a fair share of the blame at Obama’s door.
Read the whole opinion piece, because it’s a scorcher.