Who’s to Blame?

Rep. Barney Frank (D-MA), chairman of the House Financial Services committee, is loath to accept any responsibility for the credit crisis, preferring to heap all the blame on “racist Republicans.”

But Barney should listen to one of his fellow House Dems on this. Here is what Rep. Artur Davis (D-AL) said about the crisis:

Like a lot of my Democratic colleagues I was too slow to appreciate the recklessness of Fannie and Freddie. I defended their efforts to encourage affordable homeownership when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit when it comes to Fannie and Freddie, we were wrong.

Davis is a member of the Congressional Black Caucus.

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