I find it funny that the Democrats are claiming the Republicans, in control of Congress and the White House for six years, failed to sufficiently “regulate” Fannie and Freddie to prevent this economic crisis from happening.

I think yesterday’s vote, which had support of the White House and (supposedly) the House leadership, shows how the majority party can be stopped by the minority party.  While the GOP was in charge, Barney Frank was on the banking committee he now chairs, and he insisted that there was nothing wrong with Fannie and Freddie, even after the accounting scandals of 2004.  He made sure the reforms to fix the problem, championed by many Republicans including McCain, never saw the light of day by assuring Republican leaders there were not enough Democratic votes to pass these bills.