When was the deterioration know?

The Fed's started to see the deterioration in the credit market as far back as 2003 and 2004, Reid's office pointed out. The Republicans had both the Congress and Senate at time. Bush administration up until late January 2007, had a stronger hold on the government with financial institutions and banks pretty much doing as they pleased.
"The laissez-faire strategy attitude on the economy of this administration has hurt us," said Schumer. The Republican Bush administration did not stop lenders from using the non traditional mortgages. Yet it is the non traditional mortgages, which is seen as the beginnings of what is now the credit crisis.
Reed said that congress is working as fast as it can.
Strange that the Republican Congress up to 2006 had ignored what was obvious to the Fed's about the deterioration in the credit market as far back as 2003 and 2004, but did nothing. Oh well, I guess everyone will just have to blame the new guys in town. I bet that in a few years someone is going to point to the Democrat Congress and blame them, if they haven't already.