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Originally Posted by cwd
Wow, that is crazy. I had no idea that Dodd alone blocked the only legislation that could have ensured "the whole crisis would have been avoided". Where was Bush and McCain, they should have been railing against Dodd for NOT legislating these private businesses! Now we have a socialized insurance company, mortgage company...at least we don't have socialized medicine.
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McCain cosponsored the bill which would have placed portfolio limits on Fannie and Freddie limiting the amount of mortgage paper they could hold. If the bill had passed and the portfolio limits had been implemented then they would not have collapsed. The bill was blocked by party line opposition by the Democrats in the Banking committee headed by Dodd (while Dodd was getting sweetheart loans from Countrywide and huge campaign contributions from Fannie and Freddie). I guess if the left is unable to face the uncomfortable facts regarding the nature of this crisis they will just try and muddy the waters.