Saturday, September 27, 2008

Democrats Light Fire, Fiddle While Economy Burns

An article by Michael Reagan (click on this link to go to the acticle) does a good job of recapping how the Democrats created the financial mess we’re in by forcing banks to make bad loans. It also highlights that John McCain attempted to rein in Fannie Mae and Freddie Mac three years ago, but his efforts were thwarted by Democrats.

Interestingly, the top three recipients of campaign contributions from Fannie Mae and Freddie Mac were Chris Dodd, John Kerry, and Barack Obama in that order (Michael Reagan makes this point, but gets the order mixed up).

In an act of unbelievable chutzpah, the Democrats are blaming Republicans for what Democrats started, and claim Republicans blocked increased regulation when McCain’s efforts to increase it were blocked by Democrats.

In an effort to pin responsibility on Republicans, desperate Democrats have gone all the way back to 2000 to a bill sponsored by Senator Gramm, the Commodity Futures Modernization Act, and claim it was passed and signed into law by President Clinton because no one had the time to read it (although in the same article the writer stated that Senator Gramm had introduced it earlier, and that even he thought it was dead).

Apparently it was read when first introduced, and in a last-minute rush the Democrats and President Clinton forgot what they knew about it and passed it anyway.

That’s right. The Democrats had enough members in the Senate in 2000 to filibuster any bill they didn’t like, and then there was President Clinton who could veto any bill he didn’t like in case the Democrats missed anything.

Then there has been the passage of eight years, the last two of which Democrats controlled the House and Senate. Somewhere in all that time they could have found time to correct something they thought they passed by mistake, don’t you think?

Nancy Pelosi and Harry Reid keep saying they're in charge, but all they do is point fingers.

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