As for the claim by House Financial Services Committee Chairman Barney Frank that the Republicans are to blame, The Wall Street Journal correctly noted in a Sept. 10 editorial, "(Frank's) record is close to perfect as a stalwart opponent of reforming the two companies, going back more than a decade. The first concerted push to rein in Fan and Fred in Congress came as far back as 1992, and Mr. Frank was right there, standing athwart. But things really picked up this decade, and Barney was there at every turn."
This mess has afforded conservative Republicans an opportunity to ask the public to throw out the Democratic majority and start over with a chastened and hopefully wiser Republican Party in the majority. But that will take leadership, a commodity that seems in short supply, like bulls on Wall Street.
Cal Thomas is co-author (with Bob Beckel) of the book, "Common Ground: How to Stop the Partisan War That is Destroying America".
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