White House Blasts NYT Selective Memory

The "mainstream" New York Times certainly has a selective memory in placing sole blame for the mortgage meltdown at the feet of President Bush.

In doing so, they have to step over the reality that Democrats pushed to give Fannie and Freddie--government creations--a free-wheeling hand while Republicans pushed for more oversight of these government lenders backed by taxpayer money.

Blaming "deregulation" sounds good to shallow ears, but as usual the "mainstream" liberal press has bad aim.

Deregulation of private industry is usually a good thing; private industry tends to thrive with minimal government interference and is usually checked from recklessness by the knowledge that they'll have to live wit the consequences.

Oversight is needed--demanded--for government institutions which should be accountable to the taxpayers (after all, Americanism dictates the government exists to serve the people, not that the people exist to serve government). Giving cronies a free-wheeling hand at Freddie and Fannie as Democrats have demanded for their buddies has been largely responsible for this mess.

As usual, liberals place blind trust in government institutions while viewing private industry with suspicion and knee-jerk assumptions of guilt.

No wonder socialist societies are destined for mediocrity.