Green Energy
From IBD:
In the past couple of weeks, as the financial crisis has intensified, a new talking point has emerged from the Democrats in Congress: This is all a "crisis of capitalism," in socialist financier George Soros' phrase, and a failure to regulate our markets sufficiently.
Well, those critics may be right — it is a crisis of capitalism. A crisis of politically driven crony capitalism, to be precise.
Indeed, Democrats have so effectively mastered crony capitalism as a governing strategy that they've convinced many in the media and the public that they had nothing whatsoever to do with our current financial woes.
Barack Obama has repeatedly blasted "Bush-McCain" economic policies as the cause, as if the two were joined at the hip.
Funny, because over the past 8 years, those who tried to fix Fannie Mae and Freddie Mac — the trigger for today's widespread global financial meltdown — were stymied repeatedly by congressional Democrats.
This wasn't an accident. Though some key Republicans deserve blame as well, it was a concerted Democratic effort that made reform of Fannie and Freddie impossible.
The reason for this is simple: Fannie and Freddie became massive providers both of reliable votes among grateful low-income homeowners, and of massive giving to the Democratic Party by grateful investment bankers, both at the two government-sponsored enterprises and on Wall Street.
The result: A huge taxpayer rescue that at last estimate is approaching $700 billion but may go even higher.
It all started, innocently enough, in 1994 with President Clinton's rewrite of the Carter-era Community Reinvestment Act.
Ostensibly intended to help deserving minority families afford homes — a noble idea —it instead led to a reckless surge in mortgage lending that has pushed our financial system to the brink of chaos.
Franklin Raines and Jim Johnson, the CEOs under whom the worst excesses took place in the late 1990s to mid-2000s, were both high-placed Democratic operatives and advisers to presidential candidate Barack Obama.
Go read the whole thing.
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- Bloomberg :how The Democrats Created The Financial Crisis
How the Democrats Created the Financial Crisis: Kevin Hassett Commentary by Kevin Hassett ...
Green Energy
Fannie Mae/Fannie Mac CEO's Are Economic Advisers To Obama
From IBD:
In the past couple of weeks, as the financial crisis has intensified, a new talking point has emerged from the Democrats in Congress: This is all a "crisis of capitalism," in socialist financier George Soros' phrase, and a failure to regulate our markets sufficiently.
Well, those critics may be right — it is a crisis of capitalism. A crisis of politically driven crony capitalism, to be precise.
Indeed, Democrats have so effectively mastered crony capitalism as a governing strategy that they've convinced many in the media and the public that they had nothing whatsoever to do with our current financial woes.
Barack Obama has repeatedly blasted "Bush-McCain" economic policies as the cause, as if the two were joined at the hip.
Funny, because over the past 8 years, those who tried to fix Fannie Mae and Freddie Mac — the trigger for today's widespread global financial meltdown — were stymied repeatedly by congressional Democrats.
This wasn't an accident. Though some key Republicans deserve blame as well, it was a concerted Democratic effort that made reform of Fannie and Freddie impossible.
The reason for this is simple: Fannie and Freddie became massive providers both of reliable votes among grateful low-income homeowners, and of massive giving to the Democratic Party by grateful investment bankers, both at the two government-sponsored enterprises and on Wall Street.
The result: A huge taxpayer rescue that at last estimate is approaching $700 billion but may go even higher.
It all started, innocently enough, in 1994 with President Clinton's rewrite of the Carter-era Community Reinvestment Act.
Ostensibly intended to help deserving minority families afford homes — a noble idea —it instead led to a reckless surge in mortgage lending that has pushed our financial system to the brink of chaos.
Franklin Raines and Jim Johnson, the CEOs under whom the worst excesses took place in the late 1990s to mid-2000s, were both high-placed Democratic operatives and advisers to presidential candidate Barack Obama.
Go read the whole thing.
-
New Study Finds Democrats Fully to Blame for Subprime Mortgage Crisis that Caused 2008 Financial DisasterThe media can't fool us forever. The truth is coming out. In his early activist days, Barack Obama the community organizer sued banks to...
- Ceo Of Fannie Mae Testifies To Congress That Socialism Caused The Economic Collapse
Roger Mudd, the former Fannie Mae President and CEO testified thusly before Congress the other day. (From Limbaugh's Blog): I believe in retrospect that there was overinvestment in housing. I believe in retrospect origination standards slipped. Home...
- Would The Last Honest Reporter Please Turn On The Lights?
People are really fed up with the medias absolute left leaning bias and anti-Americanism offering their audiences daily Obamagasm rides at at times bringing themselves to hallucinating hights - Do they really think that people are that stupid, even despite...
- Barney Frank ... Criticism Of Dems Over Mortgages Is Racism, It 's Racism I Tell You
What a farce ! I wonder if Frank sees the irony at all as he blames republicans for deregulation being the cause, as well Rep. Barney Frank said Monday that Republican criticism of Democrats over the nation's housing crisis is a veiled attack...
- Bloomberg :how The Democrats Created The Financial Crisis
How the Democrats Created the Financial Crisis: Kevin Hassett Commentary by Kevin Hassett ...