1. I couldn't disagree more with the "bipartisan" congressmen and pundits who keep saying that we shouldn't be talking about who is at fault for this economic meltdown, but should just proceed with the $700 Billion Dollar Bailout. If you don't correctly identify the cause, how can you be sure that you are not feeding $700 Billion Dollars right into the same mechanism?
2. Make no mistake about it, the Democrats own the failure of Wall Street. If you pay any attention to this beyond what the media elites are feeding you, this is abundantly clear. Four specific reasons:
a. The "Community Reinvestment Act", brought into law by the Clinton administration. Forced banks to make more loans to low-income people, principally by abandoning credit analysis. This created the "sub-prime" mortgage industry which eventually imploded and caused this mess.
**Note: I saw a Vice President of Fox Business Channel on the premier of "Huckabee" this weekend. She just the day before "googled" the CRA and found out, "Oh my God", how directly involved this act was in the mess. Question: how did she get to be VP of a business channel and she's just finding out what I - a regular joe blogging in my pajamas - have known for weeks? Really. The ignorance of the people you are seeing in the media is staggering.
b. Wall Street and the GSE's (Fannie Mae and Freddie Mac) are run by Democrats. The CEO's and prinicpal players - all multi millionaires - are all Democrats. They vote donkey. They contribute heavily to Obama. They are former Clinton administration officials (like Jamie Gorelick, who was also the villian in 9/11 by authoring the intelligence "wall" while at Justice.)
c. Democrat officeholders, like Chris Dodd and Barney Frank, have not only pushed the whole sub-prime market on America but have also benefitted greatly from the political payback contributions of the Wall Street greedheads who were making millions before the implosions.
d. Democrats opposed all Republican efforts to reform the system and clamp down on the subprime market. The Bush administration tried in 2003 to reign in the market, and were stopped by Democrats. John McCain sponsored legislation in 2005 to regulate this out-of-control market, and was stopped in a party-line vote by Democrats. Democrats have controlled Congress since 2006 and could have gone after this before the implosion. They own the responsibility.
3. The price of a vote for a bailout by Congress should be a series of public resignations:
a. Treasury Secretary Paulson first of all. This meltdown happened on his watch. He should not be the architect of the rescue. He should be the first resignation.
b. Chairmen of Congressional banking committees. That would be Barney Frank and Chris Dodd, and probably others. Resign now.
c. The Republican chairmen of those same committees before 2006. If they are still in Congress, they should resign now.
d. Every Congressman who voted in committee in 2005 to stop the McCain sponsored regulation of the banking industry. Resign tomorrow.
That's what would really restore the confidence and support of a very angry America. Resignations on a mass scale.
4. Stop ACORN! One of the upsides of capturing voter's attention during this crisis should be the exposure of the corrosive effect on our politics brought by the group called ACORN. The Association of Community Organizers for Reform Now. Yes, community organizers, like Barack Obama who was a member and activist. This is a thoroughly disreputable leftist group that has been regualarly involved in voter fraud. They are a reliable source of campaign workers for leftist Democrats. (sorry, I'm being redundant there.) ACORN follow the tenets of the founder of the community organizer movement, Saul Alinsky - who wrote "Rules for Radicals". Those tenets include achieving "change" - by which he means massive income redistribution and the replacement of capitalism by socialism. Yes, that "change" which is currently being promulgated as the theme of one of Alinsky's disciples - Barack Obama.
Here's an excellent recap on Michelle Malkin's website on ACORN.
Why should this crisis bring focus on the scurrilous group ACORN? Because the Democrats in Congress were trying to insert a provision in the bailout that 20% of any recovered funds coming back to the government would go to leftist voter fraud groups including ACORN. We have to scrutinize the final bill to ensure that the provision was stripped out.
Finally, if you haven't watched it yet, you owe it to yourself to spend 10 minutes on YouTube and watch the video called "Burning Down the House, What Caused Our Economic Crisis". If you haven't watched it yet, then you don't know enough about the crisis to have an opinion. Seriously.
No comments:
Post a Comment