John Murtha has taken some pretty stiff criticism for slandering his constituents as racists — and deservedly so. But it’s worth looking at the rest of his recent interview to get a sense of how he views the credit crunch. Here’s how Murtha describes how we got into this financial mess:
Six months ago they said to me… Paul Kanjorski – who’s on the Banking Committee said ‘Fannie Mae and Freddie Mac aren’t going to make it. A hundred banks are going to go bankrupt.’ I said ‘well what the hell are we doing about it? What do you mean?’ I could hardly believe that. Finally the president kept saying things are all right. Well the president has no credibility. When he says something nobody believes that. And so finally Bernanke and Paulson came over. Scared the hell out of us. I mean, scared us… made us… convinced us that we had to do something. And of course they sent a 3 pages thing over — an open door.’
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