Finally, the Truth Can Be Told!

Kevin Hassett is blaming the Democrats for the Fannie/Freddy failures in a commentary piece today. Now, Edgy doesn't doubt that the Democrats had their hands in the FNM/FRE cookie jar. Hassett notes that Democrats have taken funds from Fannie and Freddie.

His argument is that Fannie and Freddie built up bad mortgage portfolios, and then apparently they used special mind control powers to confuse everyone else, and then something happened which he doesn't really explain, and maybe aliens were involved, and then BOOM! Bear Stearns fell and it went on from there. Hassett argues eloquently that nobody on Wall Street had two brain cells to rub together to keep them from doing the stupid stuff that made them tons of money on into 2007.

The turning point was when the Democrats opposed a 2005 bill that would have solved the problems of today, yesterday. Of course, Hassett can be forgiven for not having enough space to describe the reasoning behind the Democrat's opposition. (Laws are very complex, after all, and really confusing.) He also avoids pointing out that the Republicans, not the Democrats, controlled Congress in 2005. It would only have confused the point he was making.

Oh, by the way, Hassett is an advisor to the McCain campaign. That means you can trust him to give a balanced, objective view of the events of 2005. Thanks, Bloomberg, for making us informed voters!