Bush, Fannie, Freddie, Crisis

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"Bush, Fannie, Freddie, Crisis"

Karl Rove cranks up the spin machine:

Among the more prominent is the assertion that the housing meltdown resulted from unbridled capitalism under a president opposed to all regulation.

Like most myths, this is entertaining but fictional. In reality, Fannie Mae and Freddie Mac were among the principal culprits of the housing crisis, and Mr. Bush wanted to rein them in before things got out of hand.

Evidently, the conservative movement is going to go to its grave with this talking point. And it’s false. But consider this — does Rove have any examples of Bush warning that a housing price bubble had developed? That homeownership rates might have gotten unsustainably high? Of course not — because none of that happened!

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