**Financial Crisis Timeline** Dems Scoffed at Warnings– Schumer Singled Out (Video)
Democrats Were Warned & Consistently Blocked Reform–
Way back in 2001 The Bush Administration raised red flags.
In 2008, Bush warned the Democratic majority 17 times that there was a looming crisis and that mortgage giants Fannie Mae and Freddie Mac needed reform.
In 2003, former Treasury Secretary John Snow testified before the House Financial Services Committee and said this:
SNOW: We need a strong world-class regulatory agency to oversee the prudential operations of the GSEs and the safety and the soundness of their financial activities.
In 2005- Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Sadly, in every instance since 2001, Democrats either ignored or blocked any attempts at reform.
Even Bill Clinton admits it.
Yesterday, FOX News put together a timeline on the crisis and attempts at reform.
Senator Charles Schumer from New York was singled out for his defense of Fannie Mae and Freddie Mac:
No wonder we’re not seeing the liberal media squawk about who’s to blame.
More… Terry Jones at Investor’s Business Daily reported “How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable.”