RE: The truth is that the Bush administration repeatedly tried to reign in this madness and was thwarted primarily by Barny Frank and Chriss Dodd.
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Some videos for people who want references (and who still blame Bush for the subprime mess, like most of the Obama voters):
http://www.youtube.com/watch?v=cMnSp4qEXNM
http://www.youtube.com/watch?v=LPSDnGMzIdo
But then, Bush was also willing to play along and he isn’t entirely blameless. See here:
http://www.youtube.com/watch?v=kNqQx7sjoS8
the gutless Republicans wouldn’t make an issue of this during the ‘08 election.. I tried to talk to Kansas Senator Pat Roberts office about this in ‘08, and heard crickets. This Tuesday I talked to his office about the Lord Monckton/Joe Arpaio Birth Certificate Affidavit. Pat believes 0bama is legal, and anyone who believes otherwise is a conspirator. The rinos are more dangerous than the democrats
Bush is not entirely blameless, but he did recognize the problem and tried to reform things. He was rebuffed a number of times in his efforts. Bill Clinton is the arch-villain in the whole sorry mess.