The nation’s current financial crisis started with the Community Reinvestment Act of 1977. That was social engineering at its worst, brought to the people by Jimmy Carter.

Then in 1995, Bill Clinton mandated that people who could not afford to buy a house would be entitled to own one anyway. Never mind that they couldn’t repay their loans.

Because of the Clinton revisions, Fannie Mae and Freddie Mac were allowed to hold just 2.5 percent of capital, unlike the standard 10 percent for banks. Democrats Barney Frank and Chris Dodd were two who forced the issue. And now they blame President Bush. So do the media.

President Bush tried to change things in 2003. He attempted imposition of oversight over Fannie and Freddie. The New York Times, no friend of Bush, wrote on Sept. 11, 2003, “The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.”

Who stopped the plan? Surprise – Barney Frank and Chris Dodd.

On May 25, 2006, John McCain stood up on the floor of the Senate and warned about his concern of the regularoty structure that governed Fannie and Freddie.

Bush and McCain had alerted the population about the ticking time bomb. What happened? The Federal Housing Regulatory Reform Act of 2005, cosponsored by McCain, was killed by the Democrats.

And the Democrats continue to blame Bush and McCain. So do the media.

What liars. What hyprocrites.

Marcel R. Morin, Lewiston