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The Blame Game

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.

At a 2004 hearing of the Government Sponsored Enterprises Subcommittee, then-Chairman Rep. Richard Baker (R-La.) predicted the collapse of Fannie Mae if nothing was done. Baker called for more regulation, something Democrats claim Republicans never wanted. In an editorial Tuesday, The New York Times got it wrong when it accused Republicans of engaging in “free markets-above-all ideology.” That just isn’t true. President Bush was calling for more oversight of Fannie Mae and Freddie Mac in his first year as president, though he also praised efforts to expand minority home ownership at a time when bad credit risks were straining the system.

Read the rest of the article – WORLD Magazine

I am ready to Kill the Bailout

Right Voices is on target again with a collection of quotes from Dems – In Their Own Words

Let Limbaugh Moderate The Next Presidential Debate

I suggest we ask Rush Limbaugh to ‘moderate’ the next Presidential Debate. He does not have a book coming out on McCain. He has been a harsh critic of McCain at times. While he is a vocal conservative, he would add a good balance to the the line-up of Moderators we have this season. Compare him to Gwen Ifill.

Gwen Ifill is a partisan supporter of Barack Obama. As one writer described her, Ifill is so far in the Obama tank, she needs an oxygen line. She has book coming out that is nothing short of glowing in her admiration for the Senator. she has followed him on the campaign trail and written a piece for Essence that defines the term “Puff.”

What has been the reaction when people have questioned her ability to be impartial? RACISM she cries. She thinks I object to her because she is Black. How frighteningly silly.

I object because she is so obviously biased.

Let Rush Limbaugh moderate the next Presidential Debate. It will set the scales to fair and balanced.

Michelle Malkin’s article » A debate “moderator” in the tank for Obama comments:

Ifill and her publisher are banking on an Obama/Biden win to buoy her book sales. The moderator expected to treat both sides fairly has grandiosely declared this the “Age of Obama.” Can you imagine a right-leaning journalist writing a book about the “stunning” McCain campaign and its “bold” path to reform timed for release on Inauguration Day – and then expecting a slot as a moderator for the nation’s sole vice presidential debate?

Yeah, I just registered 6.4 on the Snicker Richter Scale, too.

Instapundit says The Fix Is In

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Pelosi Allows Dems To Vote No

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.

Speaking on John Gibson’s radio show later in the day, however, Karl Rove ran through, by name and often by committee or subcommittee chairmanship, the many, many Democratic members of the House whom Speaker Pelosi and the House Democratic leadership expressly authorized to vote against the economic stabilization bill. Glenn Reynolds boils this down to a succinct sentence which is almost exactly right: Pelosi gave key Democrats a pass on the bailout vote. The only quibble I have is that she didn’t just give key Democrats a pass. She gave them all a blanket pass, and then some members particular and specific encouragement to take it. It is inconceivable that she didn’t know exactly what the result would be.

The Dems Play Games with Votes.

Right Voices has a great video of Karl Rove

Mark My Words is a new blog I have just discovered. Read this for sure.

Democrats Kill Bailout

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

The Real Culprits In This Meltdown

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.

Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties.

The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority home ownership. And in so doing, he helped create the market for the risky sub-prime loans that he and Democrats now decry as not only greedy but “predatory”…

Obama and Democrats on the Hill think even more regulation and more interference in the market will solve the problem their policies helped cause. For now, unarmed by the historic record, conventional wisdom is buying into their blame-business-first rhetoric and bigger-government solutions.

While government arguably has a role in helping low-income folks buy a home, Clinton went overboard by strong-arming lenders with tougher and tougher regulations, which only led to lenders taking on hundreds of billions in subprime bilge.

Market failure? Hardly. Once again, this crisis has government’s fingerprints all over it.

Powerline quotes Barney Frank in 2003 as saying

‘These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.

Way to go Barney!

Investor’s Business Daily::The Real Culprits In This Meltdown.

The Democrats Did It

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.

However, a tiny bit of knowledge regarding economics and the free market concept are helpful. De-regulation did not cause this problem. New regulations caused it; new regulations from the Democrats.
Rewind to the 1995 Clinton Administration. Bill Clinton believed that everyone has a right to own a home. Everyone should own a house whether they can afford it or not. It was in the Constitution; or at least it should be. Banks were hesitant to follow the President’s lead however. They knew that there were certain geographic and demographic areas that foreclosure was a near certainty.

Mr. Banker, do you think it is too risky to loan money to people with a history of non-payment? Are you worried about default and foreclosure on loans to unstable people with unstable incomes?  Enter Fannie and Freddie. They will cover the risk. When the loans fail (and they did by the thousands), someone else will take the loss. So, give them the loan.

To the average consumer this is great news. To the poorest in our country it is better news. It no longer takes a good work history and 10% cash down to buy a house. You just need a smile and a signature and you can finance 105%, buy the house of your dreams, and make payments when it is convenient. Trillions of federally insured dollars, that never should have been there in the first place, flowed into the credit markets.  Understandably, home builders loved this plan. So did the Finance industry. All markets were booming. Politicians, especially friends of Obama, cashed in on the deals.

But everyone ignored some core principles of the free market. They forgot that risk requires compensation. Financial activities with risk fail, sometimes frequently, and require a high rate of potential return to cover the losses. Bill Clinton and Fannie Mae tried to remove the risk. But they couldn’t. They could only shift it to someone else; Fannie and Freddie. They forgot (if they ever knew) how money is actually made and how goods and services are exchanged.

Which brings us to the big, bad, predatory bankers and their outrageous practice of loaning money to people that could never afford it. This is exactly the change Bill Clinton and the Democrats were pushing. The created and changed laws so that people that could not afford a house could buy a house. Barney Frank is STILL trying to make this happen. The mortgage lenders were fulfilling the wishes of the White House. To vilify them now is to distort history.

This is not how the free-market works. It is not de-regulation it is changing regulations to produce a desired outcome with political pressure. Just the opposite of what McCain has advocated and exactly what Obama has supported. In 2005 when Conservatives tried to deal with the mess before it got out of control, McCain supported action and Obama opposed it.

Politicians are now crying that we must provide a $700 billion dollar bail-out, which is not nearly enough by the way. And who will be paying this enormous tab? You and me. People that have worked hard, paid our bills, scrimped, saved and managed our money wisely are absorbing the risk and paying the bills.

And who created this fiasco?
The Democrats did it.

Who is Telling the Biggest Lies?

Ruth Marcus has an excellent article in the Washington Post,  Closing the Whopper Gap.  She compares the lies, exaggerations, and half-truths of McCain compared to Obama.

Guess who is telling the biggest lies? Barack Obama. Read the whole story.

Fannie Mae Five – Five Key Players Who Broke The System

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. Read more

On Being Retired

A friend sent this to me and I had to pass it on.

Working people frequently ask retired people what we do to make our days interesting.

Well, for example, the other day I went downtown to go to the News Stand for the Wall Street Journal so I could track my investments. I was only in there for about 5 minutes. When I came out, there was a cop writing out a parking ticket. I said to him, ‘Come on, man, don’t you have anything better to do than write a retired person a ticket? Why aren’t you out chasing crooks or
child molesters…that’s out of your league, obviously !!!

He ignored me and continued writing the ticket. I called him a ‘Nazi.’ He glared at me and wrote another ticket for having worn tires.

So I called him ‘Barney Fife’.

He finished the second ticket and put it on the windshield with the first. Then he wrote a third ticket. This went on for about 20 minutes. The more I abused him, the more tickets he wrote.

Personally, I didn’t care….. I came downtown on the bus. The car that he was putting the tickets on had a bumper sticker that said ‘OBAMA in ’08.’

I try to have a little fun each day now that I’m retired. It’s important to my health!

Pin the Tail on the Donkey

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.