Democrats Resisted Freddie Mac and Fannie Mae Reforms - In 2003

I am not a partisan person.  That said, I am surprised this 2003 (yes, 2003!) article from the New York Times is not getting more attention:

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

Who opposed these reforms?  Democrats:

Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.

Oh, there was a shell game going on.  It wasn't, however, the kind that Rep. Watts claimed.

People are saying that the "free market" caused the problems we are facing today.  They want the heads of the CEOs who are responsible.  Where are those same people calling for the heads of Barney Frank?

I'm not partisan, because partisanship, like fear, is the mind killer.  That said: It's now as clear as freshly-washed windows that the Democrats are the ones most responsible for this mess.  Let them suffer the consequences.

UPDATE: Thanks to slominshield for this video.  It's a bit too partisan for my tastes, the original footage is must-see:

After watching that video and reading the 2003 article, I can now say that I am no longer an undecided voter.  McCain is a war monger.  He does not support gay marriage.  Yet did the War in Iraq cause nearly the chaos that Barack Obama's Fannie-Freddie policies are causing?  As between a country that has gay marriage, or a country that is going through a Great Depression; I'll choose the latter. 

There is no way that I can, in good conscience, vote for Obama.  He and his party have done enough damage to this country.  Obama will no doubt destroy this country's economy.