Mr. Obama, please be honest with the voters.
Deregulation did not cause Freddie and Fannie to over invest in sub-prime loans. Neither institution was covered by the same regulations as banks. No, these were special institutions with lower standards for reserves. Democrats in Congress fought to keep it that way.
Fannie and Freddie made huge profits repackaging sub-prime loans and paid out millions in bonuses to the same executives that lobbied their Democrat friends to keep the reserve requirements low.
Yes, greed and politics did combine to bring us some of the worst abuses in the credit meltdown, but the Democrats need to be honest about their roll in this crisis.