I’m not the only one to notice my Congressman’s failure to look into the role of Fannie Mae and Freddie Mac in the financial meltdown.Â Even though the jurisdiction ofHenry Waxman’s Oversight and Government Reform Committee includes the government-sponsored enterprises (GSEs), at the heart of the current crisis.
In yesterday’s hearings, Waxman and his Democrats “grilled Lehman Brothers executives over CEO pay and ‘deregulation’, but never mentioned the names Fannie Mae and Freddie Mac.“Â Seems they so want this scandal to fit their narrative of the private sector run amok that they won’t address the role federal regulation and government-sponsored enterprises played.
At least, one representative wants a broader investgation.Â Connecticut’s Christopher Shays wants to bring the records of past hearings brought into the record to show how Congress failed to heed warnings of the coming catastrophe — and to address Bush Administration requests “to overhaul GSE regulation in 2003.”
Methinks Waxman and the MSM are ignoring this because of their faith in government institutions and of their distrust of the private sector.Â They don’t want to confront evidence which upsets their worldview.Â Government regulation, they believe, can’t be responsible for the problem–or even have a share in it because it’s the remedy they seek.
Democrats just don’t want to believe that government might be part of the problem.