Tuesday, September 30, 2008

The Tuesday ‘BushWhack’ing


  • The day after the financial markets had the biggest drop off EVER because Congress failed to pass the Bailout, a ‘disappointed’ “President” Bush said this morning; “Our economy is depending on decisive action from the government.” (Wow… how blind can one man be? If HE would have led HIS administration to act on the souring economy when it first started going south about 2 years ago, perhaps this could have been avoided… but no, he and his cronies continued to say there was nothing wrong with the economy… now he’s acting with urgency in what is plainly an attempt to protect what’s left of his sad and pathetic legacy. If that doesn’t make you want to rid the White House of republicans and elect Democrats, then you seriously need to have your head examined…)
  • While A handful of conservatives are urging Sen. McCain’s campaign to ‘let Palin be Palin.’ What that means is anyone’s guess, but it has all the makings of being a boost to us…
  • Sen. Ted Stevens wants his corruption case dismissed, but the prosecution has a “star witness”, Oil industry executive Bill Allen – the man that paid for the renovations to Stevens’ home – slated to take the stand today. (It’s pretty clear that Stevens is corrupt, but it also seems as though the prosecution is, well, we’ll just say not very good for now. If this trial actually gets to the jury, I will be very surprised…)
  • AttorneyGate has not gone quietly into that good night just yet… stay tuned.
  • Both VP candidates are gearing up for Thursday’s debate which should make for some entertaining theater…
  • Secretary of Defense Robert Gates was speaking at the National Defense University yesterday in DC and said that American troops will remain in Iraq and Afghanistan for years, regardless of who wins the election… (Not surprised at all…)
  • And have we mentioned? That Gov. Palin was in front of Katie Couric again, but this time had her granddad running mate with her? Apparently afraid she was going to sound even denser than last week (is that even possible? Wouldn’t you eventually top out somewhere?) so Sen. McCain appeared in the interview alongside Palin, and they STILL came out of it looking like a pair of clueless wonders. Every time Palin stumbles, McCain jumps in and tries to talk for her while making a bunch of excuses (‘gotcha journalism’? Really?) for her that make her sound as if she’s SO clueless, she needs be rescuing. Is this really who we want one 72-year old heartbeat away from leading the country? I don’t think so…


Dan said...

Mccain is in Iowa right now holding an economic roundtable. Is his campaign still in "suspension?" If it isn't, then I suggest he gets his ass right back to Warshington and debate with other Congrssional leaders who are NOT JEWISH!!
If he wants us to buy this as real, and not a ploy, then he'd better start getting serious about this supposed crisis!!

Anonymous said...

Who Done It?

We don't want to leave anyone in doubt or confusion about just who is at fault for the credibility crisis, ahh, we mean the credit crisis (besides the greedy and the stupid). We don't want to upset any group, ahh, yes we do because we deal in facts. Regardless of which party you may support, in this case the fault originates with the Democratic congressional leadership, though many of all ilk jumped on this gravy train so they too may enjoy the ride built by Democratic congressional leaders. You don't have to take our word, just spend a few days sorting out the true facts from the available records and transcripts (we did).

In 2003 and 2005 the Bush administration sent their representatives to congress to seek more constraints on a credit market they warned was going to have major problems. They were denied and ignored by all of the Democratic leadership who wanted to continue the liberal credit policies. Republicans were immobilized by the fact that there was not one democrat who would vote for more controls over the credit market.

In 2005, the Senate Banking Committee, under warnings from Alan Greenspan about the unsustainable leveraging of Fannie and Freddie, did pass a bill that would have implemented drastic regulations on the quasi-governmental organizations.

The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets. Wow, something the Democrats are trying to claim as their mantel today while criticizing Republicans of the opposite! This would be a comedy act if the situation was not so dire

If that bill had become law, then the world today would be different. In 2005, 2006 and 2007, a blizzard of terrible mortgage paper beamed down from the motherships of Fannie and Freddie, burying many of our oldest and most venerable institutions. Without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed.

But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.

Many of the senators who protected Fannie and Freddie, are some of the same pointing fingers at others today and exclaiming outrage.

Worth noting, throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Democratic Senate Banking Committee chairman, who received more than $165,000.

Oh, and one other little of footnote in all the finger pointing that's worth keeping in mind. While Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190, the bill that would have averted this mess. Now you know the truth!