Democrats admit they are clueless about financial crisis

Bloomberg:

The Democratic-controlled Congress, acknowledging that it isn't equipped to lead the way to a solution for the financial crisis and can't agree on a path to follow, is likely to just get out of the way.

Lawmakers say they are unlikely to take action before, or to delay, their planned adjournments -- Sept. 26 for the House of Representatives, a week later for the Senate. While they haven't ruled out returning after the Nov. 4 elections, they would rather wait until next year unless Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, who are leading efforts to contain the crisis, call for help.

One reason, Senate Majority Leader Harry Reid said yesterday, is that ``no one knows what to do'' at the moment.

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There is more.

Congress is responsible for much of this mess because of its failure in 2003 to clean up Fannie and Freddie when the Bush administration proposed a new oversight body. Congress did not want to give up the leverage it got not to mention the contributions it got. Chris Dodd and Barack Obama were the two big winners from that move when it came to contributions.

There is much more on the responsibility for the financial crisis in this post.

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