Courage and Consequence – Karl Rove
“the unwritten story of the whole affair is that if Democrats had granted the Bush administration the regulatory powers it sought, the housing crisis would no have been nearly as severe, the financial sector’s collapse not nearly as damaging, the economy’s slide not nearly as steep and lengthy, and global distress not nearly as widespread.
Among the Democrats who backed Dodd’s filibuster and opposed reform was the freshman senator, Barack Obama. He was the third-largest recipient of campaign gifts from Fannie and Freddie employees in 2004. Since winning the White House, he has pointed to the economic problems he “inherited”, but he has never owned up to his role in creating them.”