Everyone keeps saying that the Dems were in “charge.” How were they in charge? What power did they have? The Dems lacked a 2/3 majority to override a presidential veto, so they couldn’t pass anything without it being vetoed by president bush. Second, the Dems lacked 60 votes to block legislation, as the youtube video of the Dems objecting to regulations of fannie mae and freddie mac seem to imply. Just because they objected doesn’t mean anything because they had no power to block any legislation.
Look, I agree that it was wrong for the Dems to object to regulating the mortgage market to help low income minority buyers purchase homes in an effort to be politically correct. However, the Republicans are just as much at fault for not exercising their power to regulate fannie mae and freddie mac because after all, President Bush had the power to prevent the Dems from doing anything. And Mccain and other Republicans suggesting that they “warned” everyone about the mortgage industry seems to be ridiculous as President Bush had the power to impose regulations without approval of the Dems.
Are people actually reading my question? For those of you state that democrats had control of congress in 2006, that is incorrect. The dems lacked a 2/3 majority and also lacked a 60 vote blocking power to block legislation. Therefore, they had no control!!!
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