Michael Reagan has a fabulous article on the financial crisis we have been reading about this week. Who is at fault? Who should get the blame?
Pin the tail on the Donkeys.
Bill Clinton and Democrats made the policies. Democrats did the consulting. Democrats accepted the contributions. And now Democrats will get off scott-free. Reagan points out that,
“The scandal of Fannie Mae and Freddie Mac dwarfs the Enron debacle. In Enron, people went to jail. With the Fannies, some just walked away with millions.”
Guess what the Democrats are doing now, besides bailing out their friends? Blaming the Republicans of course. Nothing is ever their fault.
Some additional quotes from the article:
According to the Center for Responsive Politics, the top three U.S. Senators getting big Fannie and Freddie political bucks were Democrats, and No. 2 was Sen. Barack Obama, who as Fox noted had only been in the Senate four years but still managed to grab that No. 2 spot ahead of longtime colleagues John Kerry and Chris Dodd, the chairman of the Senate Banking Committee.
According to Fox, Fannie and Freddie were where big-time Washington Democrats went to work and pocketed millions. Franklin Raines, Clinton’s White House Budget Director, ran Fannie and collected $50 million.
Jamie Gorelick, an official in Clinton’s Justice Department — the woman who built the “wall” that prevented the FBI from targeting terrorists before 9/11 — worked for Fannie Mae and took home $26 million. Big-time Democrat Jim Johnson, who headed Obama’s VP search committee, also hauled in millions from running Fannie Mae.
Obama brazenly blames John McCain and the GOP for the current Wall Street mess when it’s clear none of it was due to Republican policies. The truth of the matter is that it was McCain and three GOP colleagues who sought to reform the government’s lending policies three long years ago after the Bush administration had failed two years earlier. On May 25, 2006, McCain spoke on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005, and warned against the debacle we are now facing if it failed to pass.