"The Powerhouse Democratic Overseers Of The Banking Committees -- Rep. Barney Frank, Sen. Christopher Dodd And Sen. Chuck Schumer -- Protected Fannie And Freddie." (Robert Novak, Op-Ed, "Crony Image Dogs Paulson's Rescue Effort," Chicago Sun-Times, 7/17/08)The silence is deafening! This is the catastrophe Global warming meltdown of modern Western financial markets, it is potentially going to be far worst than the Iran Israel coming Armageddon of the Middle East, it is the hurricane Rita and Katrina of the entire Global economy and nobody absolutely no Democrat is pointing a finger at President Bush?
Unbelievable! I’ve been watching and waiting and you gotta know that after 8 years of constant, pedantic mantra like Democrat partisan droning that Bush did everything wrong somebody was going to say that this financial meltdown is Bush’s fault.
But no it didn’t happen. Oh Obama tried to say that he’s been warning people for years that this crisis was going to happen, if people would have listened to him it would not have happened and that this crisis is a result of the policies of the Bush administration but quickly added that now wasn’t the time for partisan wrangling. (wink, wink)
When have Democrats ever passed up a time for partisan wrangling I ask you? Then I began to get suspicious when President Bush and the Democrats begin to work together on the $700 billion dollar bailout without so much as blaming anyone.
President Bush said that this was no time to play the blame game and the Democrats began to work with the Bush administration like no time since the Comprehensive Illegal Alien bill that they tried to force on Americans and the North American Community without borders that they worked on together... Hey wait a minute; something about this whole thing is not right.
Democrats aren’t blaming Bush and Democrats are working with Bush…hum?
Then it hit me when does a Democrat work with a Republican? Answer when it’s in the Democrat’s best interest to do so.
And of course a Republican will work with a Democrat just to feel cool, sort of like when a Nerd is accepted to the elite echelon of the High school Jocks and Cheerleaders social network. Only the Jocks and Cheerleader only want Nerds around to do homework and tutor for test.
So what is really going on here?
Well two things first the simple answer is President Bush doesn’t want his legacy to include, “The End of Western Civilization happened under the Bush Administration.”
And the second thing which is far more complex is that this is the greatest Democrat cover-up of incompetence and mismanagement this side of the President Carter Administration!
Democrats don’t what any finger pointing because for every one finger that they can point at the Republicans on this financial Armageddon three fingers point back at Democrats.
Andrew Cuomo, a Clinton Appointee, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to this current crisis. (see story)
In 2005 Sen. McCain was a co-sponsor of Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets.
Had this bill been passed after it left committee instead of being killed it could have averted this crisis by providing the oversight that everyone is talking about now but Democrats by partisan vote blocked it and who was the overseers of the banking committees, none other than, Rep. Barney Frank, Sen. Christopher Dodd And Sen. Chuck Schumer. (see story) (see bill)
Sen. Obama has received more money from Freddie Mac and Fannie Mae than any other member of Congress other than the Senate Banking Committee Chairman Sen. Chris Dodd. See Democrat links to this financial melt down. (GOP.com)
Obama Ranks Second Among Donations From Fannie Mae And Freddie Mac Among All Members Of Congress Since 1989:It was Clinton policies enforced by Attorney General Janet Reno that put the current policies in play. (see story)
In Just Four Years, Obama Has Received More Money From Fannie Mae And Freddie Mac Than Any Other Member Of Congress In The Past Two Decades (Since 1989) Except Senate Banking Committee Chairman Sen. Chris Dodd. (Lindsay Renick Mayer, "Fannie Mae And Freddie Mac Invest In Lawmakers," Center For Responsive Politics' "Capital Eye" Blog, www.opensecrets.org, 9/11/08)—GOP.com
Under the Clinton administration, federal regulators began using the act to combat “red-lining,” a practice by which banks loaned money to some communities but not to others, based on economic status. “No loan is exempt, no bank is immune,” warned then-Attorney General Janet Reno. “For those who thumb their nose at us, I promise vigorous enforcement.”If word were out that it was Democrat leadership and Democrat policies that primarily drove the financial institutions Frannie Mae and Freddie Mac to greed and corruption because Democrats blocked legislation that would have provided oversight not only would Democrats lose this Presidential election but Democrats and Republican who are Democrat allies would all be voted out of Congress.
The Clinton-Reno threat of “vigorous enforcement” pushed banks to make the now infamous loans that many blame for the current meltdown, Richman said. “Banks, in order to not get in trouble with the regulators, had to make loans to people who shouldn’t have been getting mortgage loans.”
This threat combined with the government backing of Fannie and Freddie set the stage for the current uncertainty, because the “banks could just sell the loans off to Fannie or Freddie,” who could buy them with little regard for negative financial outcomes, Richman said.-- Matt Cover, CNSnews
No there will be no finger pointing at President Bush just a sweeping sound, do you hear it?
That is the sound of Democrats sweeping all of their responsibility for this economic Katrina under the rug.