Lately on television I’ve heard seemingly unending opinions on what should come next by former congressional colleagues Mr. Dodd and Mr. Frank. With all due respect, I find it flat out unbelievable that Mr. Dodd or Mr. Frank have any credibility in this debate. For more than the last 10 years Mr. Frank’s record was “close to perfect as a stalwart opponent of reforming Fannie Mae and Freddie Mac,” according to the Wall Street Journal.

Over the years a handful of House and Senate members have tried to change Fannie and Freddie, and even current White House hopeful Sen. John McCain tried in 2005 to advance a strong reform bill. A threatened Democratic filibuster killed the bill, and Mr. Dodd refused even holding Congressional hearings on it. Of the $170 million in lobbying efforts and political contributions tied to Fannie, Freddie, and their employees, Mr. Dodd happened to be the top recipient.

The point here is that they resisted reforms that could have been instrumental in avoiding what we are just beginning to go through – and if they didn’t have the answer then, why do they have it now?…

The irony is that those in Washington offering solutions and casting blame most loudly now are in many cases the same web of policy-makers who had the most bearing on what is unfolding. It’s important we not forget this.