Hear Obama and Clinton for yourself, in their own words with out the filter of someone else's opinion..
Bill Clinton says Democrats failure to allow Republicans to regulate Freddie and Fannie caused economic melt down.
so. http://www.youtube.com/watch?v=XsynspIqAoE
Obama in this video, addressing his community activist work and his work representing ACORN in litigation against the banks and relating to the Community Reinvestment Act, and addressing the failure of Freddie Mac and Fannie Mae as those actions relate to the destruction of our economy by causing the current real estate and subsequent financial crisis, states that, and I quote:
"Subprime lending started out as a good idea, helping Americans buy homes who previously could not afford to. Financial institutions created new financial instruments that could securitize these loans, slice them into finer and finer risk categories, and spread them out among investors and around the country, as well as around the world. In theory, this should have allowed mortgage lending to be less risky, and more diversified."
Acknowledging the catastrophe, but as apologist for the Democrats, Obama then offers this justification.
"The original idea was a good one, which was, lets see if we can distribute risk more broadly, and make it easier to provide loans to people who otherwise might not be able to get one."
Yah, great idea. Economically unsound, but embraced by Obama. Listen for yourself. You cannot dispute the mans on words recorded live:
http://www.youtube.com/watch?v=Lr1M1T2Y314&feature=related
???
And here is Obama again, stating
"And I think one of the tragedies of the civil rights movement was that the civil rights movement became so court-focused, I think there was a tendency to lose track of the political and organizing activities on the ground that are able to bring about the coalitions of power through which you bring about redistributive change, and in some ways we still suffer from that,"
http://www.youtube.com/watch?v=iivL4c_3pck
2001 Chicago Public Radio Interview.
And here is Obama again in December 2007, promising a role in formulating policy during his transition if elected, despite saying he has no ties to this organization, Acorn
http://www.youtube.com/watch?v=8vJcVgJhNaU
And here is a link to C-SPAN video clips of the Congressional hearings at roughly the time McCains attempt at S.190. to fix Fannie and Freddie. See for yourself who said what.
http://www.youtube.com/watch?v=_MGT_cSi7Rs









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