Democratic Party Mostly Responsible for Wall Street Crisis

The Democratic Party is mostly responsible for the current financial crisis.
The Democratic Party(through Democratic dominated organizations such as ACORN, Fannie Mae, and Freddie Mac and Democratic inspired laws such as the Community Reinvestment Act) intimidated banks into lending money to poor minorities and whites who could not possibly pay the money back.
The resulting bad loans were packaged into mortgage securities which(since they were based on fraudulent loans) had no significant value. Nonetheless, many of these securities were rated AAA(which is what enticed many banks and entities to buy these securities). Had not the underlying loans been risky, however, the current crisis would not have happened. And the Democratic Party heavily promoted these “affordable housing” risky loans to people who weren’t credit worthy. It is no accident Obama and Dodd are the top two recipients of Fannie Mae campaign contributions and that Obama chose Jim Johnson(former Fannie Mae executive) to select his vice presidential nominee. It is no accident Obama represented ACORN and that he and Ayers donated to ACORN while they were on boards together. It is no accident Democrats included a grant to ACORN in the initial draft of the bailout bill. It is no accident Obama’s campaign gave $800,000 to ACORN. It is no accident Democrats such as Frank, Dodd, Reid, Pelosi and Obama did not join John McCain when John McCain called for reform of Fannie Mae and Freddie Mac in 2005. It is no accident Democrats like Obama, Dodd, Reid, Pelosi, and Frank resisted President Bush’s numerous calls for reform of Fannie Mae and Freddie Mac. Obama’s claim Bush “deregulation” caused the current crisis is utterly demagogic. There was little financial “deregulation” under Bush and Gramm Leach Bliley(1999) was not only under Clinton but, by its breaking down of barriers between commercial and investment banks, has helped to alleviate the current crisis by facilitating recent mergers between commercial and investment banks. Commodity Futures Modernization Act of 2000 was also under Clinton and more Democrats voted for it than Republicans. Moreover, saddled with the Democratic Party’s refusal to reform Fannie Mae, Freddie Mac, the Community Reinvestment Act, and Bill’s Clintons policies what could regulators realistically have done to prevent the current crisis(even if there had been more “oversight”), check the credit ratings of homebuyers? Some media and Obama can cover up the above truths but the above truths can not legitimately be denied. The current crisis is directly traceable to your Democratic Party.