Some background on what McCain tried to do 3 years ago to provide more government oversight. There were both Democrats and Republicans blocking passage of this bill. It doesn't help Obama that he was a major recipient of a lot of money from Jim Johnson and Franklin Raines and was silent on the issue of reform.
I finally found something I agree with John Gibson on:
Lehman Brothers’ collapse is traced back to Fannie Mae and Freddie Mac, the two big mortgage banks that got a federal bailout a few weeks ago. Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs.
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