AS PHIL DRAGOO POSTED:
Courtesy of Phil Dragoo
Posted on 09/27/2008 5:15:13 AM PDT by Liz
Congressman Barney Frank (D-MA) and House Speaker Nancy Pelosi (D-CA), continued the political farce in Washington regarding the financial industry troubles by doing what politicians do best in a crisis: pointing their fingers at anyone but themselves. They allege that the mortgage market collapse, financial industry blow up and yesterday's AIG bailout announcement, are all indicative of "bad" Republican policies, and years of Bush White House failure to properly supervise and regulate the free markets.
The White House has been shown no real leadership on the issue but Congress has more to answer for than President Bush.
Frank and Pelosi, no fans of free market economics policies, seek to add new layers of "significant government regulation" to industries (a) they already regulate, and (b) whose regulations they have continually tinkered with in an effort to influence the economy to support changing political policies, and not sound economic ones. Frank failed to mention that he already chairs a financial industry oversight committee where he was supposed to be out in front on sound economic strategies.
Pelosi fails to mention that as House leader, she has a mandate to shepherd legislation through Congress to address the pressing economic issues of our day.
Where have they been for the past two years since their party controlled both houses of Congress? Both have been negligent in their roles, and both cannot escape responsibility for the mess we are in in the mortgage and financial markets today.
Because while one can certainly point to unwise and troubling decisions on Wall Street, we cannot escape the fact that the genesis for the current situation lies squarely at the feet of Washington politicians. It was Washington, after all, that coerced the banking industry to relax lending criteria to encourage homeownership to people who had no financial ability to repay a mortgage.
They also stood idly by (some taking personal advantage of sweetheart mortgage deals from the bank "villains"), while the markets "fiddled", selling loan packages filled with unverified borrowers as quality paper worldwide, an inevitable result of political pressures on banks that were based on emotion and not on logic or sound economic principals.
In the Barney Frank/Nancy Pelosi world, everything would be just fine as long as Congress could micro-manage the way business works. Their theories embrace everything from the environment, to education, to housing and social programs. The only areas where they are shut out, health insurance and banking, are ripe fruits too juicy to ignore.
Yet what is the track record of a Frank/Pelosi solution of heavy government influence in the free market? Bloated bureaucracies laden down with bureaucrats, failed welfare and assistance programs, billions diverted to "fix" public problems without any true measure of success.
And who supervises Congress?
More specifically, one need only look at the failures of Fannie Mae and Freddie Mac, two quasi-government agencies designed to make housing affordable for Americans, to catch a glimpse as to what Congressional interference in financial markets mean. Both of these have been historically weighed down by partisan politics, huge patronage payouts (James Johnson and Jamie Gorelick made almost $130 Million alone in salaries that rival any greedy Wall Street executive), and bad policy decisions, all the while under the direct oversight of Congress.
So when Barney Frank and Nancy Pelosi shill for more government involvement in the free markets, they are peddling the same "we know what's best for you" canard that has been the problem of government for years. It's a shame that not even a 9% approval rating for Congress can move our politicians from their insulated perches where they sit in preening self-denial.
AS PHIL DRAGOO POSTED:
Courtesy of Phil Dragoo
Media silent and saying nothing .................... check
DOJ will continue to do NOTHING ........... check
GAO will continue to do NOTHING ........... check
There is NO accountability .... NONE ......................check
Didn’t Barney’s boyfriend work for Fannie?
The Queer From Massachusetts appeared with Nancy at her press conference to announce failure. He looked terrible. He looked like a drunk. There was distress clearly evident on his face and body language.
This is classic CHILD, PARENT relations. The republicans didn’t tell me that I couldn’t do it, so I did it, it’s not my fault! The rats do not need the republicans to pass thier scammmed bailout bill, but will not until they could get some republicans to sign on so if it fails they could point the finger, happy it didn’t work!
Mccain has to tell the American people in the economic debate who is at fault here and who are the obstuctionists.
Like with the foreign policy debate, start slow, allow Obama to take some line early on and them toward the end hammer him and his fiends to the ground.
Shumer...Reid...Pelosi...etc., etc. God preserve us from all such.
Hopefully, help is on the way, particularly in the White House to counter these domestic enemies.
The perverts running AIG should be in jail and their assets taken, not bailed out.
YEAH ! PUNISH THIS BASTARD BY THROWING HIM IN JAIL..WITH...A ...LOT..OF....men... ok, wait. we have to think of another punishment.
Good article. Many, if not most roads in this financial situation lead to Washington. I wonder when the mainstream media will report on it....
One price for this bailout that we have to extract from the bozos in DC—Frank, Dodd, Schumer, Pelosi and Reid have to go.
Same for Freddie and Fannie execs.
There need to be investigations and resignations and trials.
Otherwise we owe the people in jail for Enron and Worldcom an apology and their freedom.
When the smoke clears from this debacle, we have to demand that those responsible never darken the halls of Congress ever again.
Mmmmm........Bwaney can't wait to be "manhandled" by all those virile prisoners. LOL.
He looked like a depraved fag hag who'd been dallying with the boys all night.
I love it when leaders shout, "Not my fault!"
Thanks for the link.
Hmmmmm....not really. Homos love women——use them for research on how to behave like a woman to please a man.
"Let's not bwailout Wall Stweet til my bwoker tells me I made a bundle in dewivatives."
ping
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