Congressman Waxman attempted to distract the Oversight Committee and the country from pointing their fingers, justifiably, at Fannie Mae and Freddie Mac.
Any television pundit could see through the shallow ruse to foist the blame for the credit crisis of 2008 on anyone but the liberal-statist arms of the federal government, two institutions which provided federal backing for sub-prime mortgages, many of which came due long before unprepared homeowners could pay up.
There is no excuse for spreading around the blame, for refusing to face the fact that Congress did too much, promised too much, risked too much taxpayer dollars on flimsy ownership ventures.
That a Congressman who commanded a great deal of oversight could overlook the fundamental causes for one of the largest series of bank failures in US history is just unconscionable.
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