It looks to me like Fannie Mae and Freddie Mac — the twin $1 trillion disasters — were the creation of congressional Democrats and a Democrat White House.
So where are the Democrats? Why no news conferences explaining themselves?
Barney Frank — who who insisted Fannie and Freddie had to buy loans made to the unqualified — has had nothing substantial to say, though he did wisecrack yesterday in a Hi-Ho Silver voice: The "loan arranger" is on the way. He was referring to the administration riding in to save him.
Nancy Pelosi denied years of Democrat-sponsored easing of lending standards at Fannie and Freddie and simply said, no, not our fault.
Harry Reid over in the Senate promised Democrat action and immediately adjourned Congress to get out of town right away.
Bob Rubin, the Clinton economic genius who oversaw the launch of Fannie and Freddie drunken sailor's decade, stood with Obama today. Hhe's the one who went from the White House to Citibank where he lost a billion dollars.
John McCain is now running an ad pointing to Obama's link to Franklin Raines, the Clinton official who ran Fannie Mae and took a payday north of $50 million. Raines was reported by The Washington Post to be an Obama adviser on housing issues. But as soon as McCain's ad appeared, Obama rushed to deny Raines was any sort of adviser.
In other words, adviser Raines went the way of Jeremiah Wright — downgraded to passing acquaintance.
McCain is also running an ad about Obama pal, Democrat Jim Johnson, a former Fannie Mae CEO who also got a pile of cash and headed Obama's VP search committee.
Austan Goolsbee, the Obama economic adviser, has been writing academic papers for years insisting that any regulation of Fannie and Freddie would deny minorities mortgages and the ability to buy a home.
Remember, it was John McCain who put his name on reform legislation three years ago that might have stopped the downward slide of Fannie and Freddie, but that reform was stopped in its tracks. By whom? By all the aforementioned Democrats.
As for Obama, he's No. 2 on the Fannie-Freddie political contribution list and he's decided he's not saying anything for a week.
The Democrats have some explaining to do.
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