At the risk of being crucified I am coming out in favor of the Fannie Mae and Freddie Mac bailout. Don't misconstrue. I don't like it. Not one bit. But it is necessary to avert a financial calamity.
However, we absolutely must include in any bailout legislation, a clear and strong method of accountability, not just for CEOs and boards, but Congress as well. I know what you're thinking. Congress? Make themselves accountable? To whom?
I have faith in the strength and ingenuity of the American people. We have survived some very, very difficult times. The Civil War, The Great Depression, Jimmy Carter, and now a Democrat controlled Congress. Congress must be accountable to the American people. We must demand transparent government and replace those who refuse to comply.
I've said this many times. Washington is broken. It no longer works for the people. If we don't fix it now, we're doomed. Check this out.
UPDATE: Bill Clinton Says Democrats Are Responsible For Credit Crisis
Chris Cuomo with ABC News asked Bill Clinton if the Dems were playing politics by saying the credit crisis is all the Republicans' fault.
Cuomo: A little surprising for you to hear the Democrats saying, "This came out of nowhere, this is all about the Republicans. We had nothing to do with this." Nancy Pelosi saying it. She signed the '99 Gramm Bill. She knew what was going on with the SEC. They're all sophisticated people. Is that playing politics in this situation?
Clinton: I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.