Alabama Rep. Artur Davis "We were wrong" about Fannie and Freddie

Damn right you were.  Glad at least one of you has the decency to admit it:

"Like a lot of my Democratic colleagues, I was too slow to appreciate the recklessness of Fannie Mae and Freddie Mac. I defended their efforts to encourage affordable homeownership, when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit that when it comes to Fannie and Freddie, we were wrong...

Davis goes on to challenge Republicans to admit they were wrong too, but he doesn't give any specifics, blaming them for Wall Street deregulation.

It is nice to hear a Democrat speak the truth.  The truth is discovered by looking at the facts.  Thomas Sowell wonders if facts matter these days:

The current financial bailout crisis has propelled Barack Obama back into a substantial lead over John McCain-- which is astonishing in view of which man and which party has had the most to do with bringing on this crisis.

It raises the question: Do facts matter? Or is Obama's rhetoric and the media's spin enough to make facts irrelevant?

Fact Number One: It was liberal Democrats, led by Senator Christopher Dodd and Congressman Barney Frank, who for years-- including the present year-- denied that Fannie Mae and Freddie Mac were taking big risks that could lead to a financial crisis.

It was Senator Dodd, Congressman Frank and other liberal Democrats who for years refused requests from the Bush administration to set up an agency to regulate Fannie Mae and Freddie Mac.

Alan Greenspan warned them four years ago. So did the Chairman of the Council of Economic Advisers to the President. So did Bush's Secretary of the Treasury, five years ago.

Yet, today, what are we hearing? That it was the Bush administration "right-wing ideology" of "de-regulation" that set the stage for the financial crisis. Do facts matter?

The truth is out there but we cannot count on the mainstream media to report it:

Facts don't matter much politically if they are not reported.

Will John McCain finally come to grips with this and address it himself?  There are signs that he will.  The ads practically write themselves: