This now now now society, where there's a valid 2:1 ratio of the population that opposes the current bail-out plan, yet, still will blame DC for not doing.....something to fix it, when, with all due respect to the electorate, The Government is just as much, if not more to blame than anyone else.
Yet, that said, IIRC, in 2004 the GOP made numerous concerns regarding Fannie Mae & Freddy Mac, citing numerous problems in lack of appropriate & substantive oversight, with McCain even sponsoring legisation for reform, in 2005. Yet Democrats at the time, including messers Dodd, Waters, Frank, etc., all when in record claiming all was just peachy with Fanny, nothing to see here, just some witch hunt by the GOP...move along. Dodd & Obama in the top 3 for campaign donations from Fanny Mae. Obama's economic consultants/advisors formerly from Fanny Mae.
If they did sound a warning whistle in 2004, the GOP was in the majority, and should have been able to pass some for of reform....unless of course there was major obstruction imposed by the left.....and Senator Dodd in particular. I wouldn't be surprised. Still, it's an abomination that should have never been allowed to get this far. Yet "Congress coming to the rescue" is likely to perpetuate the problem, much like it did during the Great Depression. Will the electorate get a clue? Not if the MSM have their way, and American Idol remains the glue to everyone's attention span