MEGAN MCARDLE: “Obama is seeking to blame the current crisis on the Bush Administration. This is high-test hooey. This was not some criminal activity that the Bush administration should have been investigating more thoroughly; it was a thorough, massive, systemic mispricing of the risk attendant on lending to people with bad credit. (These are, mind you, the same people that five years ago the Democrats wanted to help enjoy the many booms of homeownership.) Lehman, Bear, Merrill and so forth did not sneakily lend these people money in the hope of putting one over on the American taxpayer while ruining their shareholders and getting the senior executives fired. They got it wrong. Badly wrong. So did everyone else. . . . This kind of foolish grandstanding is not the change we need. It’s just more of the same.”

Given Obama’s close connections to Fannie Mae and Lehman, he shouldn’t press this issue too hard.