Dishonesty or Severe Lack of Intelligence?
But the problem of not regulating the financial markets effectively generally, not seeing that the subprime mortgage crisis was leading to a mess, not updating some of our financial regulations since the 1930s, that’s been, I think, an example of the neglect on the part of the Bush administration over the last eight years whose view is basically anything goes and the government just has to stay out of the way. That has ironically hurt the market and one of the things we have got to rediscover is a little bit of well-applied regulation and transparency and accountability actually helps the market, helps the economy grow.
The New York Times - September 2003:
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.
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.
So, either Barack Obama has absolutely no clue in the world as to what he's talking about (like his fellow socialist flunky Barney Frank), or he's simply lying through his teeth to advance his political aspirations, knowing full well that no one in the mainstream media will ever call him to the carpet on his fallacious statements.
You make the call.
(NYT link via Hot Air)