FANNIE MAE FIASCO: THE SIMPLE FACTS ALL IMPLICATE THE DEMOCRATS

Fannie Mae was an under regulated GSE.

The Republicans favored more regulation of Fannie Mae.

The Democrats blocked it. In 2003 and in 2005 - and ever since.

The Democrats said there was no crisis, and that Fannie Mae was a safe and necessary form of social engineering.

Bush persisted and asked Congress 17 times for more regulation of Fannie Ame this year alone.

To no avail.

This crisis was the fault of the Democrats of Congress, not Wall Street.

Since 1995, investment banks have purchased and traded the derivatives packaged by Fannie Mae in good faith, but recently their lack of transparency coupled with the downturn on the real estate markets have made these derivatives temporarily impossible to trade or borrow against and therefore, for all intents and purposes, worthless.

Now the USG has to back them. To the tune of one trillion bucks.

All this could have been avoided if the Democrats had just gotten out of the way.

But they were more interested in protecting Fannie Mae's interests than OURS.

VOTE ACCORDINGLY.