"We are not responsible for the economic crisis..."

I cannot help but write another blog today on politics...because I cannot stand when people try to pin blame solely on another in a system of checks and balances. Even a 9th grader in US History knows the President does not have the enormous power Nancy Pelosi implies in the following...and she simply has forgotten the past.

House Speaker Nancy Pelosi, when asked Tuesday whether Democrats bear some of the responsibility regarding the current crisis on Wall Street, had a one-word answer: “No.”Pelosi (D-Calif.) ripped President Bush’s “mismanagement” of the economy and a lack of regulation that led to the current situation. (TheHill.com)

Here's the past she needs to remember:

(NY Times 5 years ago) The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

(read the rest of the this HERE)

Is President Bush to blame for this crisis? Yes. Are the Democrats in the Congress to blame? Yes. Are large companies to blame? Yes. Are you and I to blame? Yes. Greed has gotten the best of us...and we are reaping its consequences. Easy money led to long term disaster...welcome to market correction.