More on the financial collapse

It seems that the current administration DID try to put some controls on the Fannie Mae and FreddyMac nonsense.
http://www.nytimes.com/2003/09/11/business/11LEND.html?ei=5070&en=f31e9de1e37a3180&ex=1221969600&pagewanted=all&position=

Note the date here. This was in 2003. And the Democrats, especially Senator Barney Frank (D), stood up and claimed everything was just peachy and no regulation was needed.

Also of note, the sub-prime lending was MANDATED by the Congress under bills passed by the Carter and Clinton administrations; these bills mandated loans be made to applicants who could not meet the banks' requirements for mortgages, else the banks faced stiff penalties.

Once again we see the fantastic job that government intervention leads too!!