AP is spinning like a top, and predictably to the left.
Slublog at AoSHQ points out that the AP is trying to rewrite history to make the Mortgage meltdown solely the fault of President G.W. Bush.
The article doesn't mention Barney Frank, Chris Dodd, Fannie Mae and Freddie Mac, or the Community Reinvestment Act. It blames the crisis on lack of government regulation and too much trust in "market forces." As Investor's Business Daily points out, it wasn't the Bush administration who opposed such regulation.In 2003, Bush's Treasury secretary, John Snow, proposed what the New York Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago." Did Democrats in Congress welcome it? Hardly.
"I do not think we are facing any kind of a crisis," declared Rep. Barney Frank, D-Mass., in a response typical of those who viewed Fannie and Freddie as a party patronage machine that the GOP was trying to dismantle. "If it ain't broke, don't fix it," added Sen. Thomas Carper, D-Del.
It seems the media is not content to simply cover for the Democrats for their role in causing this crisis - they've got to find a way to completely blame George W. Bush even if that means rewriting history.
In honor of the upcoming reign of Our Dear Leader, AP is giving up completely on Reality.