Who Covered for Fannie Mae?

It pretty much seems that the current economic crisis was caused by the implosion of Fannie Mae and Freddie Mac. They basically guaranteed lenders that the federal government would cover any losses from mortgage defaults (which seems to be exactly what is happening.) Meanwhile Franklin Raines, former head of Fannie Mae, left after having taken bonuses of more than $90 million. Franklin Raines was accused of fraud, and had to pay back some of the money he took.

As you watch this video of congressional hearings in 2004, pay attention to the number of Republicans who called for more oversight of Fannie Mae, and the number of Democrats who insisted that oversight was not needed.

Who's responsible for the economic crisis due to the implosion of Fannie Mae and Freddie Mac? Watch the video and see for yourself. Then think about who's calling loudest for the massive federal bailout.