Sunday, September 28, 2008

Bail Out Blues

As we await the final verdict on whether al Qaeda might gain a backdoor win in the War on Terror through a collapse of the western financial system, here's a historical clip explaining to some degree how we got to our present state, which was picked off the Blue Collar Muse's site (who picked it off the mail). It's a bit rough and you might have to pause it a few times--but it gets the point across that our current problem is a perfect storm of greed, social engineering, and aversion to financial reality:

It also makes Nancy Pelosi look like a cartoonish liar when she said the Democrats had nothing to do with this crisis, one which now threatens overseas banks (maybe that's why they wanted to protect them, too?).

McCain and the GOP did exactly the correct thing by delaying a quick passage, allowing time for the history books to swing open while also stopping a funding scheme that would have rewarded the very Democrat shill groups that contributed to the problem. Here's to bi-partisanship!

MORE 9/28/08

From the Village Voice, last month:
While fashioning these final rules, Cuomo wrestled with the octopus-like reach of Fannie and Freddie, which spend tens of millions each year on lobbying firms. The GSEs hired 88 lobbying firms over six years, three of which were friendly enough with Cuomo to give to his campaign committee later.

Just a look at the New Yorkers tied to the GSEs must have impressed Cuomo, who, after all, would soon return to New York politics. Harold Ickes, the former Clinton chief of staff and a Democratic power broker in this state, was on the Freddie board. Tom Downey, the former New York congressman who would later donate $21,894 to Cuomo, was a Fannie lobbyist. And Al D'Amato, the former banking committee chair who'd shepherded Cuomo's appointment through the Republican Senate, was a Fannie consultant
Ironically (or not) Cuomo was just mentioned by McCain as somebody he could see as SEC Chairman. Good Lord.


Anonymous said...

Hahaha. I can't believe the crap some people write and say - as if they actually have a clue.

No wonder this country is in such a shambles - blame Democrats after 8 years of Republican rule (and you can stuff the 'Democrats control Congress' rhetoric, since it is a simple majority that means they can't override vetos - which Bush has used very, very often to get his (and Republican) way.

Just like a left wing nutjob to blame everyone else (of course right wing nutjobs do the same thing). You, sir, are not even within telescope view of center...

Anonymous said...

Oops - I got my 'wings' reversed... :-).

Screenwriting said...

You're so full of *hit. Look at McCain's Davis getting 30K a month from Fannie's until last week. Go back to your 'coon hunting and porn.

"The value that Mr. Davis brought to the relationship was the closeness to Senator McCain and the possibility that Senator McCain was going to run for president again,” said Robert McCarson, a former spokesman for Fannie Mae, who said that while he worked there from 2000 to 2002, Fannie Mae and Freddie Mac together paid Mr. Davis’s firm $35,000 a month. Mr. Davis “didn’t really do anything,” Mr. McCarson, a Democrat, said.

A.C. McCloud said...

Thanks to all the visitors coming from who are taking time to provide their thoughtful and unbiased opinions regarding partisanship on this issue.

The point of this post was not to allege the Democrats are entirely responsible for this mess, it was to acknowledge their participation.
When Madame Speaker says her party had no culpability whatsoever, while messers Raines, Johnson and Gorelick were in control of Fannie Mae, it's beyond comedic.

Greed is bipartisan.