Yeah, great article...except it doesn't live up to it's own hype: it tries to make it sound like a partisan issue when it wasn't really.
To wit: A REPUBLICAN congress sent a bill to Clinton (think he's 'liberal'? Check out NAFTA) with a two-thirds majority to further limit regulations -- signing it didn't matter. Republicans are saying 'trust business -- it knows what it is doing'.
FIVE YEARS LATER (WTF?), Republicans are 'concerned' that Freddie/Fannie are buying too many bad loans -- loans that are being made at the speed of light by speculative buyers ('flip that house'?) and not in large part by low income buyers (studies have shown that most of the people in default are in upper income brackets [here's a couple of examples: www.milehigh.com and www.realestatejournal.com ])
So we can't really blame the poor people that the GSEs were 'mandated' to help.
Also of note is that Freddie/Fannie did most of their fund raising for who? That's right: Republicans.
So again, this sounds to me more like:
Look at how the Democrats frak things up again by first trusting us to do what we said we were going to do and then by not rushing in to stop us from fraking things up further and by finally not coming up with a fix for when we've finished fraking things up.
Thank you big business and the Republican toads that worship you.
and here I was wondering what the right-wingers were going to complain about next... nice to see they didn't skip a beat and completely imploded!
I love the smell of a right-wing implosion...
it smells like... victory...