One of the things you keep hearing in Obama's campaign stump speeches is how the failed philosophy of George Bush (deregulation and lack of oversight) caused the current crisis. Obama has been bashing free market philosophy in a situation that does not even come close to meriting it. Fannie Mae and Freddie Mac were government created and regulated, shielding them from market competition. The government guaranteed this lack of competition, which virtually ensured there would be financial hackery. This is what led to the "corruption" on Wall Street, or what we like to call crony capitalism.
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Bloomberg News: How the Democrats Caused Freddie Mac and Fannie Mae Crisis
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