Columnist: Crisis can be traced to Bill Clinton

Looking for more villains in the current economic crisis? It's not just the Bush administration and the Democrats who control Congress who bear responsibility.

The roots of the problem can be traced back to Bill Clinton, argues columnist Terry Jones, writing in Investor's Business Daily.

From his column:

One of the most frequently asked questions about the subprime market meltdown and housing crisis is: How did the government get so deeply involved in the housing market? The answer is: President Clinton wanted it that way.

"Fannie and Freddie, with their massive loan portfolios stuffed with securitized mortgage-backed paper created from subprime loans, are a failed legacy of the Clinton era," Jones concludes.

Read the full column, "How A Clinton-Era Rule Rewrite Made Subprime Crisis Inevitable," at the newspaper's Web site.