At least one media outlet wonders where Chris Dodd went while Fannie Mae went belly-up on its binge of bad mortgage paper. Unfortunately, that curiosity is limited to Fox News Channel, which almost guarantees that other mainstream media outlets won’t cover it. While Al Hubbard tends to lay all of the blame off on Democrats, when Republicans had plenty of time to act as well, at least he’s directing the spotlight where it really belongs:
Hubbard notes that the Bush administration long supported reform at Fannie Mae and Freddie Mac. He also tells viewers that the House managed to pass Fannie/Freddie reform when Republicans had the majority, but Chris Dodd killed it in the Senate Banking Committee. Dodd, Hubbard reminds us, took the most money from Fannie/Freddie sources, and had little incentive to press for tighter oversight.
Where was Dodd? Where was Frank? Where were the recipients of Fannie/Freddie money during the years in which Fannie Mae’s fraudulent business practices were exposed? They were in the pockets of Fannie Mae and Freddie Mac, and busy telling us that no problem existed — and that regulators who reported the irregularities were racists. They sold us out — and the media has let them off the hook.