At Least He Is Willing To Admit It

Posted: October 3, 2008 in Economy, Politics

“Like a lot of my Democratic colleagues, I was too slow to appreciate the recklessness of Fannie Mae and Freddie Mac. I defended their efforts to encourage affordable homeownership, when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit that when it comes to Fannie and Freddie, we were wrong. By the way, I wish my Republican colleagues would admit that they missed the early warning signs that Wall Street deregulation was overheating the securities market and promoting dangerously lax lending practices. When it comes to the debacle in our capital markets, there is much blame to go around for both sides.

Congressman Autur Davis, 7th District of Alabama

Bill Clinton made a similar comment recently.

I could easily challenge him on the source of who exactly was promoting “lax lending practices”. But for now, something is better than nothing.

  1. Peg says:

    Too bad more of them can’t be honest.

    Once they admit that they’ve done something wrong, that they didn’t appreciate what was occurring – then they can work on solutions. Too many of them, however, work so damn hard to build a “protective wall” to point the finger at anyone BUT themselves, they’re not able to focus or honestly address the real issues facing us today and how we got to where we are.

    I know that I make errors and misjudgements throughout my life – no matter how hard I try to avoid them. I think that most people realize that this is true of us all.

    Personally – I believe that if more politicians could admit this, learn from it – and move on – the whole process would work better.

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