What Is a "Recession"?

Michael Oxley Tells Us Why Friends Don't Let Friends Vote for Republicans

Paul Krugman reports:

One-finger salute: Mike Oxley, we hardly knew ye. An amazing report from the FT:

The Ohio Republican who headed the House financial services committee until his retirement after mid-term elections last year, blames the mess [at Fannie and Freddie] on ideologues within the White House as well as Alan Greenspan, former chairman of the Federal Reserve.

The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley, now vice-chairman of Nasdaq.

He fumes about the criticism of his House colleagues. “All the handwringing and bedwetting is going on without remembering how the House stepped up on this,” he says. “What did we get from the White House? We got a one-finger salute.”