Glenn Reynolds links to the below video of Rep. Barney Frank ably defending himself against the fallacy that is now Republican gospel about who had what role in the mortgage crisis (somehow the fact that the economic collapse happened under a conservative Republican obsessed with deregulation never comes up, or Bush campaigning on subprime mortgages). What's even funnier is that Reynolds says Frank is being "defensive". Well, people often defend themselves when they are attacked, and in the case of Rep. Frank, Instapundit has been one of the attack dogs leading the fallacious charge.
Reynolds calls it a "meltdown" as well. The only thing melting in the last couple years has been the economy and conservative credibility.