Tuesday, September 16, 2008

Maybe Maxine Waters has the answer?

The Real Culprits In This Meltdown
Politicians
Obama - "Let's kill it!"
I just watched McCain on Fox and Friends, where  he did a credible job blaming Wall Street operators for the meltdown.  The sound bite is  "They treated our economy like a casino."   Blah-blah-blah.  Of course his stumble-bum opponent is out trying to panic the public with Marxist mutterings. I think the real question is, how did so many risky loans get bundled together, and sold to to investors as solid risk? Investors Business Daily puts this on the table, "multiculturalism."
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.

Obama in a statement yesterday blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the "trickle-down" economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend.

But it 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 homeownership. [continued]
But, we dawdle in useless rhetoric.  Liberals are not only unwilling to admit, let alone learn from, their mistakes, they lack the necessary DNA material that would make it possible to even understand things financial, (or military).  Which is why, of course, they are a clear and present danger to the United States of America..

4 comments:

Anonymous said...

Rodger, The American Spectator nails the Freddie and Fannie problem:

"You look at Obama's economic advisers, the guys he has counted on from day one and who have raised him a ton -- and I mean a ton -- of money: Franklin Raines and Jim Johnson, both of them are waist to neck deep in the mortgage debacle."

Both Raines and Johnson have served as CEO of Fannie Mae, with Raines taking over from Johnson. Both are key political and economic advisers to Obama.

"How can Obama go out with a straight face and saw it was Republicans who made this mess, when it is his key advisers who ran the agencies that made the big mess what it is?" says a Democrat House member who supported Sen. Hillary Rodham Clinton. "It's his people who are responsible for what may well be the single largest government bailout in history. And every single one of them made millions off the collapse that are lining Obama's campaign coffers.
"

But wait! There's more:

Another close political adviser, in fact the one man responsible for rallying support for Obama early on among Congressional Democrats, is Rep. Rahm Emanuel, who served on the Board of Directors for Freddie Mac after leaving the Clinton White House. According to Freddie Mac insiders, Emanuel during his time on the board opposed every reform proposed by the Bush Administration that would have impacted Freddie and Fannie Mae.

Linkie: http://www.spectator.org/dsp_article.asp?art_id=13841

There ya have it Rodger... the collapse of Fannie and Freddie illustrates the point that the democrats are just not good for America. But even more so, it brings into question the ability of Barack Obama to produce any economic gains in this country, after all, it is Obama's economic advisors who are directly responsible for the collapse of Fannie Mae and Freddie Mac.

So. Now the question is, do you think McCain is smart enough to play this up?

Rodger the Real King of France said...

No. I'm hoping Sarah is.

Anonymous said...

Hey now, we may have misunderestimated this McCain fellow. He has been making all the right moves for the past three months. A certain amount of obfuscation before then would just be good tactics. My guess is that these are knockout blows he's saving for the debates when the subject is sure to come up, followed up by a nice media package.

Casca

Anonymous said...

The real issue here is government, whether it's called regulation or whatever. If we do not get a handle on spending and "entitlements," this country goes broke in less than 20 years. To me that's a national security issue big time.

Anon

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