...The issue undoubtedly “adds to the general mood of distress,” said the New America Foundation’s Michael Lind. And that hurts the Bush administration and, by implication, McCain.

But, he said, “it’s not like Enron. There’s no single villain to pin this on.... Everyone loved the jump in homeownership attributable in part to mortgages backed by Fannie Mae and Freddie Mac."

“You can compare it to a financial 9/11. There was a truce after 9/11,” he said. “There was a bipartisan truce. It seems to me you’ll see this now as Congress takes up proposals to rescue the two companies"... LINK