American-Manifesto.com In Defense of American Exceptionalism

The Inquirer published my letter, although they chopped it pretty thoroughly.  Here’s the original text for comparison.

The Inquirer took a gratuitous and baseless cheap shot at President Bush in blaming him for the “economic mess - and likely recession” (”Key difference: Iraq,” editorial, last Sunday).

Here are some facts you neglected to note.

The Clinton administration greatly loosened mortgage-underwriting requirements and promoted “home ownership for all.” It also pushed Fannie Mae to expand efforts to get lower-income Americans into their own homes. Fannie obliged, greatly increasing its portfolio. Concerned about Fannie’s growth, the Bush administration sought to strengthen regulations in 2003. The legislation was blocked by congressional Democrats, including Barney Frank, who said Fannie faced no financial crisis.