Re: Barack 2008!
Here is an eye opening paragraph from the above linked article:
The Republicans could not pass this bill, because the Democrats filibustered it until it died on the floor. No Democrats (including Barack Obama) would cross the aisle in order to break the filibuster. The Republicans had 56 Senators at the time, so they needed the help of 4 Democrats to invoke cloture. Harry Reid ordered them not to do so.
Here is an eye opening paragraph from the above linked article:
In truth, the Bill that would have likely averted the Fannie/Freddy failure -- the Federal Housing Enterprise Regulatory Reform Act of 2005 (S. 190) -- was Republican legislation introduced by Sen. Charles Hagel [R-NE] in January of 2005. And it was the Democrats who opposed it in committee, fearing that its restrictions and portfolio caps might impair mortgage market liquidity, and subsequently, affordable housing. Despite the "nay" votes of all 9 Democrats on the Senate Committee on Banking, Housing, and Urban Affairs, the bill moved to the Senate floor, where it died in limbo lacking a filibuster-proof majority. The Bill was reintroduced in the 110th Congress as S. 1100, but was kept on ice by committee chairman Chris Dodd, who, coincidently, received $133,900 in grease from Fannie and Freddie over the past decade.
The Republicans could not pass this bill, because the Democrats filibustered it until it died on the floor. No Democrats (including Barack Obama) would cross the aisle in order to break the filibuster. The Republicans had 56 Senators at the time, so they needed the help of 4 Democrats to invoke cloture. Harry Reid ordered them not to do so.