How did the financial crisis happen? Congressman Bilbray (R-CA) talks about the role of Fannie Mae and Freddie Mac after a Congressional hearing. Unfortunately, this news was overshadowed by the news of Governor Shakedown, er, Blagojevich.
I think Deepak Chopra should stick to aromatherapy and enemas and leave the war on terror to the experts. Heal thyself, Deepak!
The Dow dropped almost 700 points today. Will George Stephanopoulos attribute it to Barack Obama’s press conference this morning? Oh come on, you know that’s funny!
Is it just me, or does it make anyone else nervous that Barney Frank will have a role in the Fannie/Freddie makeover? As a mom, I’m all for cleaning up our own messes, but come on!
If we close Gitmo, where will wounded terrorists go for treatment after trying to kill members of the US military?
When Hillary spoke earlier at Barack Obama’s news conference, she expressed that the decision to leave her job as a NY Senator was a tough one. I found that odd, since she’s been trying to leave her job for several years now.
While Americans line up at food pantries, Barack Obama ordered a $30,000 ring for wife, Michelle. I wonder why he couldn’t find an American jeweler from which to make such a grand purchase.
Bill O’Reilly’s talking points from tonight was about the auto companies begging for our money from Congress. He showed a video of Mitt Romney explaining why a bailout is a bad idea and then Barney Frank (about one minute or so into the video) saying he supports giving our money to the US auto industry because of “income inequality”. Read the rest of this entry »
I previously posted the original version of this video. The music was better, but You Tube took it down. A lot of you are still looking for answers, so here is the new version. The video and the story haven’t changed, only the music has. If you want to know the root (or should I say, the ACORN) cause of the current financial crisis watch the video.
There’s only so much Republicans can take before they start fighting back. I only wish they would do more. Remember, a vote for any Congressional Democrat is a vote to keep these very people in power.
Are you happy with Congress? Think before you vote, and watch this video.
Lest we forget what started this mess.
Barack Obama gave a speech this morning in La Crosse, Wisconsin. It was more of the same old populist, socialist rhetoric we’ve come to expect from the Pope of Hope. And as expected, he blamed everything on Republicans and conservative philosophy.
This financial crisis is a direct result of the greed and irresponsibility that has dominated Washington and Wall Street for years.
But it is the greed of people such as his buddies Frank Raines, Chris Dodd and Jamie Gorelick.
It is the result of speculators who gamed the system, regulators who looked the other way, and lobbyists who bought their way into our government.
Again, those gaming the system were Franklin Raines, and company. The regulators who looked the other way were Barney Frank, Maxine Waters and Chris Dodd. The lobbyists who bought their way into government gave more money to Chris Dodd and Barack Obama than any other lawmakers.
It’s the result of an economic philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else; a philosophy that views even the most common-sense regulations as unwise and unnecessary.
The capitalist philosophy has brought about more prosperity on this earth than any other. If the government stopped interfering in the capitalist system we wouldn’t be in this mess.
And this crisis is the final verdict on this failed philosophy — a philosophy that we cannot afford to continue.
He’s right, we were failed by a philosophy and we cannot allow that philosophy to continue. However, that philosophy is the philosophy in which government controls business. A philosophy that believes an oxy-moron such as “government sponsored enterprise” would be a successful enterprise is a philosphy that should be discarded.
- An undertaking, especially one of some scope, complication, and risk.
- A business organization.
- Industrious, systematic activity, especially when directed toward profit: Private enterprise is basic to capitalism.
At the heart of the current financial crisis sit Fannie Mae and Freddie Mac. Fannie and Freddie make loans that are backed by you and me. Where is the entrepreneur in tihs enterprise? Does not an entrepreneur assume the risk of his enterprise? In a GSE there is no risk to anybody but the taxpayer.
Apparently, the Democrats didn’t think Fannie was bad enough for American taxpayers or our economy, so Jimmy Carter signed the Community Reinvestment Act which required banks to make loans to people who aren’t credit worthy. That wasn’t bad enough so under Bill Clinton CRA’s were put on steroids.
Republicans and conservatives warned for years that this was a bad deal. They called for more regulation and the Democrats blocked them at every turn. Which brings us to where we are today.
As usual, Barack Obama is barking up the wrong philosophical tree.
American Spectator is reporting that the Dem’s didn’t want the bail out bill to be a Democrat bill, they wanted it all pinned on Republicans. That’s the reason they didn’t have the votes to pass the bill. And Nancy Pelosi has indicated she won’t allow a “witch hunt” in the role of Fannie and Freddie in the current crisis. That’s code for “We can never let anyone find out we caused this mess.”
After doing nothing about the bailout…oh sorry…now it’s a rescue…Obama is now pressuring his fellow Democrats to vote for the bill. He picks and chooses when to lead and when to phone it in. How presidential.
A video explaining the bailout crisis to some very relevant music has been taken down by YouTube 3 times. There’s a new video with different music but the same graphics. Watch it before it’s taken down. The new video isn’t as good as the original but it’s still had over 1/4 million hits as of this writing. The original had well over a million. If the media won’t get the truth out, the blogs can!
The Financial Post opines that Karl Marx would be delighted with the state of things today if he were to rise from the dead. They have a point.
Barack Obama had a speech prepared to celebrate the passage of the bill to bail out Wall Street. No doubt, he was ready to take credit for saving the United States from another Great Depression. He was so confident he didn’t even bother to convince those 95 democrats who voted against the bill. Now there’s some leadership for ya!
When he heard the news of the bill going down in flames, he had to postpone his speech by 40 minutes to scrape together a new speech. Why he needed 40 minutes to spew his tired old garbage is a mystery.
While he declined to cast blame on any one person for the crisis, Obama ripped McCain’s previous support for the de-regulation he says contributed to the collapse on Wall Street. “He’s fought against common-sense regulations for decades, he’s called for less regulation twenty times just this year, and he said in a recent interview that he thought de-regulation has actually helped grow our economy,” Obama said. “Senator McCain, what economy are you talking about?”
“I read the other day that Senator McCain likes to gamble. He likes to roll those dice,” he continued. “One thing I know is this - we can’t afford to gamble on four more years of the same disastrous economic policies we’ve had for the last eight. Read full story.
But according to Obama, this is not the time for partisan politics.
In case anyone is wondering which party stood in the way of stricter regulation of Fannie and Freddie, perhaps this video will help. While Obama blames John McCain’s policies for causing the current financial crisis, he fails to recall John McCain’s efforts in 2006 to pass the Federal Housing Regulatory Reform Act of 2005. The status of that bill is “dead”.
The original video was pulled by YouTube. It was posted again. There must be something in there they don’t want you to know. So far about a million people have watched this.
Watch the video and share it with everyone you know. Pass it along before it’s pulled again.
Update: This video has now been pulled for the THIRD time. If it goes up again I’ll re-post it.
Don’t you hate those people who call you a liar to your face when you know they are the ones doing the fabricating? Think of the way you feel when other people actually believe their lies!
No matter how many times Barack Obama’s lies about John McCain are exposed, he continues repeating them. Over and over again in speech after speech. He repeats the lies in his commercials and on the stump. He has no shame. Talk about audacity. Read the rest of this entry »
Did anyone watch or hear coverage of the Senate Banking Committee circus today? I was in the car and listened to most of it on the radio, then caught highlights later on the news. I kept thinking, the Senate fiddles while Wall Street burns. Read the rest of this entry »
Derivatives, sub-prime mortgages, mortgaged backed securities….it’s enough to make anyone’s head spin. Even the experts are sounding confused. Terry over at American Sentinel has posted a Layman’s Guide to what’s happening in the financial sector. Check it out, it may help clear things up.
In Politico’s Arena, Leon Panetta called George Bush AWOL on the economy. These Democrats have such short memories.
Who was AWOL in 2003 when President Bush called on Congress to pass legislation to better oversee the dealings of Fannie Mae and Freddie Mac? Who was AWOL in 2006 when Senator McCain gave a speech on the same subject?
Where was Senator Clinton? Senator Obama? Nancy Pelosi? Harry Reid? Barney Frank? I’ll tell you where, they were in Fannie and Freddie’s pockets, in the name of “housing for the poor”. That’s where they were!
I wouldn’t blame President Bush if he pulls a John Galt and just walks away. Why shouldn’t he? He’s gotten nothing but grief and partisan games from Democrats since the day he took office. It’s only gotten worse since 2006.
America-you wanted change. You got it in 2006 when you turned the House and the Senate over to the Democrats. How is that working out? You want more of that kind of change? If that’s the case Atlas has already shrugged.
Politics and the Fannie Mae Piggy Bank by Byron York on National Review
Republicans were the only ones trying to do anything about Fannie Mae and Freddie Mac, but you won’t hear that from the press and you certainly won’t hear it from Obama. I just wonder why we aren’t hearing about it from John McCain.
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