Congressional leaders did the exact opposite.
The sad part is those elected officials, the most powerful legislators in the country, were asleep at the switch for the umpteenth time in the last 50 days. Blame can even be extended beyond that, as many of the power players in this mess were in office during the last two years of the Bush administration. While President Obama was on the campaign trail preaching change, his party was in control of the legislative branch of the Federal government, right when everything went to hell.
I do not want to push all the blame on to the Democrats, but people do seem to forget that they were in charge of Congress as the initial stages of collapse began in companies like Bank of America and Fannie May. Aggressive loaning policies set in place by the Democrats through bodies like Fannie May met with Republican deregulation of banking via the dissolution of Glass-Steagle and the whole thing went bust. Trust me, there’s enough blame to go around here, if the politicians would simply fess up.
But have we heard any of those Congressional Democrats apologize for missing the warning signs after their election in 2006? No. Are there any signs of remorse from the Republicans, who presided over an economic boom of increasingly dubious origin? Of course not. It is simply easier to target men like Edward Liddy, and that is what they will continue to do, as long as we let them.
