Posted on 09/24/2008 9:51:33 PM PDT by 2ndDivisionVet
It isn't often that public outrage peaks so close to an election, but this is a rare moment in history when "we the people" can exact a price from the political leadership that has duped, scammed and lied to them, contributing mightily to the current financial mess.
At the Senate Banking Committee hearings Tuesday, Democrats, led by Chairman Chris Dodd of Connecticut, seemed to think the mortgage crisis, aided and abetted by Fannie Mae and Freddie Mac, AIG, Bear Stearns, Lehman Brothers and other disasters, occurred on someone else's watch. Dodd, joined by ranking Republican Richard Shelby of Alabama, criticized what he said was the ad hoc nature of the government's response to the financial crisis and complained that the Bush administration's proposals lack detail.
Some history is important. It was pressure from the Carter and Clinton administrations that forced Fannie and Freddie to grant more high-risk loans to people who otherwise would never qualify. They mostly wanted to promote not only new home ownership numbers, but also more home ownership in the minority community. That was a noble goal, but the cost turned out to be too high.
Democrats would love to blame the Bush administration for a disaster they mostly helped to create. But, according to the White House, as early as April 2001, the administration warned that the size of Fannie Mae and Freddie Mac was "a potential problem," because "financial trouble of a large (government-sponsored enterprise) could cause strong repercussions in financial markets, affecting federally insured entities and economic activity." As recently as June of this year, President Bush asked Congress to take the necessary measures to address growing foreclosures. "We need to pass legislation to reform Fannie Mae and Freddie Mac," he said. In July, Congress passed reform legislation, but it was too late.
It is an affront to the nation that some of the people who brought on the crisis (and financially and politically benefited from the status quo) were asking the questions at the Banking Committee hearing. They should have been in the witness chair. Dodd said the crisis was "entirely foreseeable and preventable." Then why didn't he try to prevent it? He should have been answering questions about the PAC contributions he received from Fannie Mae and Freddie Mac, (according to opensecrets.org, he's the Senate's no. 1 recipient of campaign contributions, $133,900, Barack Obama is no. 3, $105,849), his sweetheart Countrywide Financial mortgage rate and whether they influenced his inattentiveness to the growing mortgage crisis.
If the public wants real reform, it will penalize the people and the party that failed to provide it. Voters can do more than "throw the bums out." They can throw these bums out and replace them with freshmen Republicans who will take office with a reformer's zeal and rebuild the government's financial house before the Potomac fever virus infects them. With John McCain and Sarah Palin already committed to reform (as opposed to Barack Obama's nonspecific "change"), the combination of a new Republican administration and a Republican Congress that has been chastened by its defeat in the 2006 election and imbued with a new zeal to change the way Washington works, could produce a revolution that would have made our Founders proud.
Polls show many congressional races are tightening. But while Democrats are bragging about increasing their numbers and producing a "veto-proof" majority, can the public trust that those who gave us the problem can provide the solution?
McCain and Palin ought to do more than ask voters to elect them. They should call for a complete house cleaning in Washington and ask voters to give them the mop. Real reform won't come with a Republican White House and a Democratic Congress. And it surely won't come with an all-Democratic government. While Republicans could have done much more when they held a congressional majority under a Republican president, they now swear they have learned their lesson. With the public engaged as never before, even Republicans wouldn't be able to get away with business as usual this time.
Let the revolution begin! Judgment Day should come on Nov. 4.
Between the credit crisis, bankruptcies, billion dollar buyouts and billion dollar buyouts, the economy has emerged as issue No. 1 in the presidential race. Which candidate do you think will do the best job reviving the U.S. economy?
Poll Results:
John McCain (R) - 64.5%
Barack Obama (D) - 22.9%
Bob Barr (L) - 1.1%
None of the Above - 11.5%
Total Responses -
2820
One thing for certain. Obama’s “change” would be more of the same from liberal democrats who cared little or nothing about the financial house of cards they were creating.
Obama would be a disaster for this country.
AWESOME Article! Cal Thomas has nailed it IMO!
Dream on Cal! How I wish this would happen.
I like the idea of throwing the bums out AND making them pay the money they stole from us back.
Voters can do more than “throw the bums out.” They can throw these bums out and replace them with freshmen Republicans who will take office with a reformer’s zeal.”
_________________________
As I’ve said many a time........
RE-ELECT NO ONE ! ! !
Cal nailed it, but will the sheeple open their nailed shut eyelids and minds to absorb the facts?
“Cal nailed it, but will the sheeple open their nailed shut eyelids and minds to absorb the facts?”
The polls say “no”.
Voters are asking for more of the same. They also want to reward Obama for his role.
I fear you are correct.
I wish we could have these criminals wearing rags and begging for sofa change for 3 day old pizza pockets.
RE-ELECT NO ONE ! ! !
Dumb strategy to punish the good guys with the bad. And there really are some good guys. Smarter just to kick as many rats out as possible then work on kicking the rinos out during the primaries in 2010.
We can only hope that once a deal is struck (whatever that might be), and the cooperation of the Democrats in passing legislation is no longer required, that someone in the McCain Campaign and/or the RNC will get those pre-melt down video clips of Barney Fwank (”where’s the crisis...the fundamentals of Fannie Mae are still sound”, or words to that effect) and Chuckie Schumer (”not only is Fannie Mae solvent, but we should find ways to lend more to the low income home buyer”, or words to that effect). They put the whole crisis in persepective (as does Obama’s “no” vote to the proposed Hagel-McCain fix).
Amen!
CHURCH AND STATE! CHURCH AND STATE! CHURCH AND STATE! CHURCH AND STATE! CHURCH AND STATE! CHURCH AND STATE! CHURCH AND STATE!
LOL!
Good catch. So glad you saw that.
I do a lot of photography for the church I attend. We have a young lady who is on a mission trip ‘over there’ in one of the Islamic areas. We send her photos all the time to keep her in touch with our congregation. Those who send the photos have to make certain there is nothing “Christian” about or in the picture, especially a CROSS.
The average American voter’s opinion of what we’re in around the world does not determine what it actually is. It’s a religious war, pure and simple. Our PC bent prevents us from seeing and treating the war for what what it is. The opposition, our enemies, see it for what it is and fight it that way.
Unless we can change our view and our strategy we are going to loose. Period.
Dodd sold out - risked ruining our country - and for only $133,000? It's one thing to whore yourself Dodd, it's another thing to do it for two dollars a trick.
And Enron happened years ago...
The DNC Stenographers ( AKA MSM reporters) aren't getting feeds on stories that might make liberals look bad. And they sure as hell aren't going out looking on their own.
Hey Washington POst and New York Times, whatsa matta wit you bums? Can't you track down a story without the "help" of your liberal leaders?
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