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Caught on tape: Democrats boosting Fannie, naysaying regs

A Youtube video viralling around the Internet undercuts the Dem attack over laissez faire Republicanism with this damaging weapon: The Democrats' own words during a 2004 U.S. House of Representatives hearing where they seemed to defend Fannie Mae and resist calls for regulations.

The video is circulated by Republicans and has some clear spin, such as the headline that "McCain and the Republicans tried to stop it (bad loans) over and over again" (without showing a lick of McCain, who said he called for more regulations more than a year after this hearing took place).

Regardless, the images of Dems falling over themselves to defend the loan program (largely because it helped minorities) speaks for itself. At the least, it shows that there's bad-loan blood on both parties' hands.

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