Read this great September 22, 2008 Bloomberg article that clearly summarizes the full extent of Democrat incompetence which lead to the financial crisis we face today.
If you do nothing else before November 4th, forward this link to everyone you know. Do your part to make sure that everyone knows that it was the Congressional Democrats who plunged recklessly ahead with Fannie Mae and Freddie Mac, putting our entire economy as risk.
Update: added a video that explains the crisis for those who can't or don't want to read for comprehension. Granted, the video is from Fox, but there are other similar videos as well. It's clear that Congressional Democrats had a large role in obstructing Fannie Mae and Freddie Mac reform that might easily have averted the whole crisis.
Posted by JeffB. at September 23, 2008 10:40 PM | Email ThisBut if it makes you sleep better...
Posted by: Keating666 on September 23, 2008 11:49 PMWas this also written by Hassett?
Posted by: SouthernRoots on September 24, 2008 06:21 AMMcCain of course, co-sponsored a bill in 2005 to tighten regulations on GSE's. It never got a vote in the Senate because Democrats were unamimously against it in committee.
Posted by: Palouse on September 24, 2008 07:42 AM
Blame Fannie Mae and Congress For the Credit Mess
I think "Most Gall of the Century" awards need to go to Chris Dodd, Barney Frank, Hillary Clinton and Barack "the Mesiah" Obama. These four stink with Fannie cash (Barney Frank's favorite kind), and Democrats who used cloture to prevent the vote in 2005 on reforms that could have averted some or all of this crisis should be voted out of Congress. But that would take truth in reporting in the old media, so instead these crooks get away with blaming the people who tried to prevent the crisis.
God Bless America!
Posted by: Reality on September 24, 2008 09:49 AMThere is more here when Senate Democrats threatened a fillibuster of McCain's bill and even now, Democrats are strategizing about how they can make the most political hay from the crisis by getting McCain to vote for the bailout, lest he be tied to a future financial disaster.
And Democrats are loading up the bailout bills with billions in spending for the Pentagon, and US Autoworker bailouts, etc. in addition to bailouts for Student loans read more here at SF Gate. I thought Democrats hated the war and the Pentagon.
More here in the WSJ that provides recent history of the crisis.
And I've posted a video above that spells it out for those who have trouble reading.
The bottom line is that a socialist policy of handouts for food stamps is one thing, but mortgage policy changes under Bill Clinton started the handout of home loans as well. And with enough home loans, we are talking about real money. Real money that has collapsed the house of cards.
I realize that there have been many problems with Bush, and McCain is no silver bullet. But Democrats are going to have to admit the fact that their policies of socialism don't solve problems, but create bigger problems.
Posted by: Jeff B. on September 24, 2008 12:36 PMWow, that's quite an admission coming from someone who claims the "Democrats are wholly responsible for this financial mess".
I think you should stick with blaming Clinton, siting Fox News and other GOP hacks. That should really fly in November.
Or, perhaps, people are fed up with 8-years of GOP leadership. I guess we'll have to wait and see.
Posted by: Keating666 on September 24, 2008 02:57 PMNot everything of the past 8 years was bad, just as it would be false to say that 8 years of Clinton was all good. Reality lies in between. There are clearly multiple factors involved in the totality of the financial crisis. After all, it took individual actors to take out the bad loans. But the policies that made bad loans so open were clearly Democrat in origin, just like the Iraq war is clearly Republican in origin. And the prime directors of Freddie Mac and Fannie Mae, particularly when at their worst, were Democrats.
Interesting is that there was far more Democrat support for the Iraq war in 2002, then there was Democrat support for the regulation of Fannie Mae and Freddie Mac.
Both parties make big mistakes. But this one is owned by the Democrats.
There are plenty of other sources ( here is one ) that equally realize the causes of the current crisis as rooted in bad loan policy originating with the Democrat belief that housing loans should be equal opportunity, even to those who could not afford the loans. You can find commentaries in Slate, the NYT, etc.
To say this financial disaster is "owned" by the democrats is ridiculous on it's face.
Next thing you know you'll be telling me that 9-11 was Clinton's fault.
Oh, of course you think that, too. The buck never stops with the GOP.
Are you ready for another Trillion?
Posted by: Keating666 on September 24, 2008 04:59 PM