30 juin 2004 : Bush critique les subprimes, les Démocrates s'indignent

En juin 2004, l'administration Bush critique le programme d'obtention de crédits immobiliers créé par Bill Clinton et soutenu par tout l'establishment démocrate, Nancy Pelosi y compris.
Parmi les sociétés citées, Fannie & Freddie, aujourd'hui à l'origine d'une crise économique sans précédent.
Les Démocrates refusent de reconsidérer cette pratique, et voilà où nous en sommes...

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WASHINGTON -- A bevy of House Democrats urged President Bush to reconsider his administration's criticisms of the housing-related government-sponsored enterprises and instead work with Congress to strengthen the mission and oversight of the GSEs.

June 30, 2004, Wall Street Journal

The 76 House Democrats made their case in a letter to the president Tuesday. The housing GSEs are Fannie Mae, Freddie Mac and the Federal Home Loan Bank System. Legislation to strengthen regulation of these huge enterprises ran out of gas on Capitol Hill this spring.

Complaining that "the Administration has turned to attacking the GSEs publicly," the House Democrats said, "We are very concerned that the Administration would work to foster negative opinions in the financial markets regarding the GSEs, raising their cost of financing."

"If the intent is to get pro-housing members of Congress to weaken their support of the GSEs" mission, it is a mistaken strategy," the House Democrats said.

Among those signing the letter were Reps. Nancy Pelosi (D., Calif.), the House Democratic leader, and Barney Frank (D., Mass.) the ranking Democrat on the House Financial Services Committee, and Paul Kanjorski (D., Pa.), the ranking Democrat on the House Capital Markets subcommittee. The Democrats said their position isn't based on institutional loyalty but rather on concern for the GSEs affordable housing function.