Blaming Fannie, Freddie, Frank, Poor People...

McClatchy News:

As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.

Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.

Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis... (emphasis added)

American Prospect:

...But what they choose instead to deflect attention from the train wreck that has been Bush administration supervision of the economy are some claims that are completely divorced from the truth. The three claims that have come across our view screen are:

• It’s the fault of the Community Reinvestment Act
• It’s the fault of Fannie Mae and Freddie Mac
• It’s the fault of immigrants

And just for fun, here's a video of a shouting match between Barney Frank and Bill O'Reilly.