Count them -- the list of mortgage companies that have failed or had to be bailed out by the government is staggering. Now comes news that Fannie Mae and Freddie Mac are in more than a little trouble. And whom do we have to blame? The Congress that deregulated banks and one member, Sen. Phil Gramm (now retired), who is advising the McCain campaign.
John McCain praised Gramm in February and now disavows Gramm's remarks. If Fannie and Freddie go toes up, there isn't much left, because the government backs them. Gramm can't say recession; McCain can't recognize it; and President Bush thinks it is a slowdown.