Is Obama serious?

[Bunky]

The crisis is multiple events despite the simplicity of blaming one side.

Phil Gramm sponsored the Commodity Futures Modernization Act that allowed the mortgage swaps methods now part of the problem. Gramm also sponsored the Gramm-Leach-Bliley Act that became law that allowed banks to run security businesses, etc so now banks who dealt in the security side were doing riskier things. Clinton signed both into law with lots of republicans and dem's in favor.

This was the financial deregulation that set up the mess when Fannie Mae was allowing loans that did not meet their own set criteria since salaries were based on loans. Wall Street was living off the loan swaps and encouraged FM to be more aggressive since more loans means more money for them.

Net. No one hands are clean. We do need better oversight on FM/FM (it is not clear the 2005 bill would have accomplished that), term limits, and undo some of the deregulation by Gramm's bills. I hope the full story comes out with a independent commission since as long as each party blames the other, we will NOT get the truth -- just talking points, spin, etc