Economy | Faith and Facts

The Blame Game

Posted on October 2nd, 2008 by admin

The Democrats have been denying that they are the primary cause of the Fannie and Freddie fiascos. Even Bill Clinton admits that there needed to be greater regulatory controls and key Dems consistently fought against them. Listen to Cal Thomas:

When Speaker Nancy Pelosi took to the floor of the House on Monday to blame Republicans for the financial turmoil and charge them with a laissez-fare attitude toward regulation, it seemed like a calculated effort to shift attention and accountability from what Democrats have done to create the current conditions. Fortunately, we have YouTube. Read more... (estimated 56 secs)

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Filed under: Democrats, Economy, subprime

Pelosi Allows Dems To Vote No

Posted on September 30th, 2008 by admin

Why did 94 Democrats vote against the bailout? Take a look at Bill Dyer’s analysis:

I thought it was bad enough that House Speaker Nancy Pelosi had made a deliberate decision not to make today’s vote on the Democrat’s economic stabilization bill a “party loyalty” vote in which the House Democratic leadership made absolutely clear that it expected loyal Democrats to vote in favor of the bill. Ignoring all of the immense power to persuade that inheres in the position of Speaker of the House, Speaker Pelosi wouldn’t even offer (or threaten to withhold) so much as a choice Capitol parking spot to make up the 12-vote margin between victory and defeat of H.R. 3997, the Emergency Economic Stabilization Act of 2008. Read more... (estimated 1:06 mins)

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Filed under: Democrats, Economy, Obama

The Pork Goes On

Posted on September 30th, 2008 by admin

If Congress is trying to find ways to fund a bailout, perhaps they should start with the Omnibus Spending Bill.

Senate leaders wringing their hands over where to find $700 billion for the Wall Street bailout might start with the fine print of the omnibus bill: The measure includes more than $6.6 billion in pork-barrel spending.

The 2,000-plus earmarks fill 752 pages attached to the 357-page spending bill. Sen. Ted Stevens, notorious for his huge earmark requests, scored the largest haul—some $238.5 million in earmarks. Read more... (estimated 48 secs)

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Filed under: Economy

Democrats Kill Bailout

Posted on September 29th, 2008 by admin

The bailout was killed by House Democrats. Yes, Democrats. Losing by a margin of 228-205, the measure only needed 12 members to change their minds.

95 Democrats voted against the bill.

Quit blaming John McCain for failure to keep your majority, in the majority.

Take a look at these articles -

Bill Dyer at Townhall – Elections have Consequences

Hugh Hewitt – Duplicity and Cynicism

Michelle – The Crap Sandwich

Hot Air – Bailout Bill Fails After Pelosi Speech

Popularity: 1% [?]

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Filed under: Democrats, Economy, politics

How did they decide on $700B?

Posted on September 29th, 2008 by admin

How did the Treasury Department arrive at a figure of $700 billion for the bailout? Surely it was based on careful analysis and a detailed methodology.

Nope. They guessed. They just pulled a number out of thin air. They made it up.

In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.

“It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.” Read more... (estimated 35 secs)

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Filed under: Economy, politics

The Real Culprits In This Meltdown

Posted on September 25th, 2008 by admin

I wrote a lengthy post on this top yesterday but Investor’s Business Daily has expanded and improved on my material.

Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it’s dysfunctional, Democrats during the Clinton years are a prime reason for it…

[I]t was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions. Read more... (estimated 1:26 mins)

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Filed under: Democrats, Economy, Obama

The Democrats Did It

Posted on September 24th, 2008 by admin

After days of moaning and blaming, perhaps a few facts should be inserted into the discussion about the current financial melt-down.

Barack Obama blames John McCain and Republicans for the mess. Why? According to Obama, Conservatives have been advocating de-regulation and free market controls and this de-regulation produced the current fiasco. Sounds great to liberals. Must be true. Read more... (estimated 2:27 mins)

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Filed under: Clinton, Democrats, Economy, McCain, Obama, politics

Obama Flip-Flop

Posted on September 23rd, 2008 by admin

Give Matt Lauer at ‘Thumbs Up’ on this one. He catches Obama in a clear double-standard and Obama ducks for cover.

Lauer was talking about how Obama hit Sen. McCain for flip-flopping on the AIG bailout — saying he opposed it one day then announce he supported it the next day.

But, as Lauer pointed out, scarcely three minutes after McCain said he opposed the AIG bailout last week, “in an interview with Meredith Vieira, Joe Biden, your running mate was asked the exact same question, ‘should the federal government bailout AIG?’ And he said, ‘No, the federal government should not bailout AIG.’” (As we noted at the time.) “And I think that in that situation,” Obama said, “I think Joe should have waited as well.” Read more... (estimated 44 secs)

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Filed under: 9/11, Economy, Humor, Obama, politics

Fannie Mae Five – Five Key Players Who Broke The System

Posted on September 22nd, 2008 by admin

What do Chris Dodd, Barney Frank, Jim Johnson, Franklin Raines and Tim Howard have in common (besides being engineers on the Barack Obama Election Express)? I try not to just scrape the content of other sites but Mcauleys World has a great article with info that is essential for everyone to know.

Five Key Players In Washington who had chances to prevent the Financial Crisis but who, by their actions or inactions helped to bring down Wall Street.

Senator Christopher Dodd

Democrat from Connecticut. Dodd has been in the Senate for 28 years. Dodd has served as Chairman of the Democratic National Committee. Dodd is Chairman of the Senate Banking Committee. As Chairman he had responsibility for acting as a “watch-dog” of Fannie Mae and Freddie Mac. Dodd has responsibilty for assisting in the selection of the CEO’s who run Fannie Mae and Freddie Mac. Dodd was a leading contender to be Obama’s Vice Presidential selection until his receipt of VIP loans from Countywide Financial were disclosed.

It has been reported that Dodd received $7,000,000 in loans from Countywide. Dodd’s Committee was responsible for overseeing Banks in the United States. Countrywide is one of the leading culprits responsible for the lending policies that brought on this Crisis. Countrywide is under FBI investigation for securities fraud. The Government Watchdog Group, The Center For Responsive Politics, reports that Senator Dodd received more campaign contributions from Fannie Mae and Freddie Mac than any other Senator.