Wednesday, September 17, 2008

Pelosi and Democrats AWOL Last Two Years

Democrats can play that lipstick game too!

The party of Harry "The Buck Stops Here" Truman denies even knowing they play a role in government. House Speaker Nancy Pelosi, when asked Tuesday whether Democrats bear some of the responsibility regarding the current crisis on Wall Street, had a one-word answer: “No.”

Nancy, then what have you and your Democrats in the House, and your Democrat colleagues in the Senate, been doing the past two years? You came into power when the economy was vibrant and unemployment low. After two years of Democrats not doing anything, it isn't.

Nancy, you and Democrats have done only one thing, and that's play the "blame" game. For example, the housing bust was largely a Democrat accomplishment. I'm a real estate agent, and the sub-prime mortgages were the darling of California Democrats because they enabled people, such as undocumented immigrants who couldn't qualify for conventional mortgages to buy houses they couldn't afford anyway. My real estate professionals in this area, virtually all Democrats, were delighted. Sales went up rapidly, sellers jumped in as prices doubled in less than two years, and all were happy. Then two years later, when the no-down, interest-only loans had to be refinanced, the appreciation would easily provide the down payment for a conventional, low fixed rate mortgage.

Except prices stayed flat and when it was time to refinance there was no equity for down payments. Then when the foreclosures started, prices fell and more owners found themselves struggling to make payments on houses with falling values at the same time their adjustable mortgage rates were rising.

Nancy, you can't take credit for running the show without taking credit for what appears on the stage. Either you and the Democrats are in charge, as you have said repeatedly, or you are incompetent and worthless, as I have said repeatedly.

From where I stand, we're both right.

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