The majority of blame for our current financial crisis is so clearly shouldered by Democrats that even vicious left-wing hate machine Alec Baldwin can’t help but point it out.

Admittedly, Baldwin is barely competent to string a sentence together let alone perform coherent financial analysis.  Still, the man has not missed an opportunity to slam Republicans and President Bush during the course of his public life. It’s a shame, but very telling, that information dissemination is left to Alec Baldwin while the majority of the leftstream media turns a blind eye.

Even more surprising: Baldwin’s bout of clarity came on this week’s edition of the little-watched Bill Maher HBO smear-fest.

BALDWIN: The, the thing we have to remember, a friend of mine who is very close to the financial community in New York pointed out that Democrats have a lot of the responsibility for this as well. I mean, it was Clinton who killed the Glass-Steagall, and it happened under a Democratic president. Barney Frank and his committee, they, they kept propping up Fannie Mae and Freddie Mac saying everything’s fine, everything’s fine, everything’s good. And it was his job to know everything wasn’t fine. And Barney Frank let you down and let us down as well. And so, but I want to say there’s blame to go both ways. But I will say, I want to, I maybe keep beating this to death, but I still think anyone in this Congress who voted to add $140 billion to that bill, they should be ashamed of themselves. That is a disgrace. It’s a disgrace. This Congress is a disgrace, Democrat and Republican.

NewsBusters provides a little background on the legislation Baldwin mentions.  Baldwin’s accuracy is surprising.

For those unfamiliar, the Glass-Steagall Act was the 1933 legislation separating the functions of banks, brokerage firms, and insurance companies designed to prevent another crash like what occurred in 1929. Congress has been whittling away at these restrictions since 1980, and finally removed the last vestiges with Gramm-Leach-Bliley in 1999.

Readers are advised that this bill passed by a vote of 362-57 in the House, and 90-8 in the Senate. As such, it passed with overwhelming bipartisan support.

Maybe more important, as it was signed into law on November 12, 1999, despite all the blame disgraceful Democrats and media members have been assigning President Bush during this financial crisis, he had ABSOLUTELY NOTHING to do with the legislation that allowed financial institutions to engage in the activities that have led to and caused the current banking and lending meltdown.

But…But…But…But the current financial crisis is due to 8 years of the disasterous economic policies of George Bush.  That’s what Barack Obama and his media have been telling me.

Of course, George Bush tried to impose greater oversight on Fannie Mae and Freddie Mac in 2003, Republicans in Congress tried in 2004, and John McCain tried in 2005.  Each time, Congressional Democrats killed the efforts by injecting racial politics into the issue.

10-minute video of the exchange below, if you can stomach that much of the Bill Maher show.

Like That? You'll Probably Like These.

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• Bush Proposed Fannie Mae / Freddie Mac Supervision In 2003
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Tagged

Alec Baldwin, Bill Maher, Credit Crisis, Democrat Corruption, Economy, John McCain, President Bush