Rove Absolves Bush on Fannie, Freddie
What Rove writes is true. But he fails to mention that back in 2001, Republicans controlled Congress.
Neither the GOP members, nor the president had the guts to stand up to the Chris Dodds, Barney Franks and Maxine Waterss of the world, who would accuse them of not wanting black people to be able to own their own homes if lending practices were tightened.
And reasonably cutting access to loose credit conflicted with the president's own goal of the "ownership society."
Besides, George Bush had bigger fish to fry after 9/11/01.
It is ridiculous to blame the Bush admininstration for the lack of regulation and oversight of Fannie and Freddie when so many others, especiallly Democrats in Congress, were fighting such regulation. But it did happen on his watch, while he was looking the other way.