Put this in context. It was 2004, before the housing bubble burst. It was still a republican controlled congress and Whitehouse. Yes, there were some congressmen that were trying to do the right thing. God Bless them. Unfortunately, most politicians are self-serving morons that are controlled by lobbyists. No surprise that they missed (or ignored) this golden opportunity. It probably wouldn't have avoided the housing crash but it would have cushioned the blow a little. Isn't it a little weird to hear Republicans calling for more regulation while Dems are saying less?
The Republicans weren't calling for more regulation, they were merely wanting current regulations enforced. I have no doubt in my mind the dems caused this catastrophe and they will get to walk with no consequences....pathetic state of affairs.
So my question is when the republicans controlled both houses of congress and the white house ( and still hold great power today), why wasn't something done? Heck, earlier this year you have Bush, Paulsen, and Bernanke all saying Freddy and Fannie are in good shape along with the banking industry, then America was chastised by Gramm for being a bunch of whiners if we mentioned the problem. So what happened? Nothing! We need to blame our elected officials of both parties. I may just write in Ron Paul for president then bury my money in the back yard and hope for the best.