A great ad is out by the National Republican Congressional Committee (NRCC) that points to those who are really responsible for this financial crisis.
What Just Happened? (ad by NRCC about bailout)
[Mark Levin Fan is proudly powered by WordPress.]
A great ad is out by the National Republican Congressional Committee (NRCC) that points to those who are really responsible for this financial crisis.
[Mark Levin Fan is proudly powered by WordPress.]
ANybody home? 
.jpg)
This is an effective ad but it should not be the only one and there are plenty of characters to go around. The Limbaugh site illustrates the October surprise celebratory picture of the dem leadership at the bailout bill signing that could be interleaved into the historic nature of the World’s largest financial debacle fueled by Fannie and Freddie under the CRA. These institutions were authored, expanded and empowered by democrats; they fought to resist oversight even after the evidence was in. The manipulators are now praised and the public ire will only arise when they realize that they have been duped and are looked upon as easily manipulated fools; this has to be stressed. The way this is being played, by the media, is akin to having your house robbed and having the robbers blame you for the robbery.
There is no excuse for having a weapon as effective as Palin and the abundant evidence of the cause and effect relation of democrats to the crisis and leaving them untapped. The masochistic price for running a clean campaign is not worth the self-indulgent flattery reward. He is about to expose the free world to the forces of darkness and that is not leadership. It is suicide.
It is unfortunate to say, but the liberals and Democrats counter that the Republicans controlled Congress from 2001 to 2006. Why didn’t the Republicans act more forcefully to stop this when they had a chance? Why were they so weak that they were blocked by the minority Democrats?
This is a similar argument that the Republicans used against Clinton when they say that he could have gotten Osama Bin Laden when he had the chance.
This is where the McCain-Palin campaign can add that they will not blink in the face of ending this corruption in Washington, and will take unwavering action to end it.
The republicans didn’t prevail because Fannie and Freddie campaigned to put fear into the hearts of every RE firm, builder and developer in the country who called, emailed and wrote to their congress people to be lenient. They garnered the votes, congress caved and that was that. The republicans did not have a filibuster prove majority or even a majority, when you consider RINO’s, and this is why this happens in our system of government.
The entities should not have existed in the first place (or should have had their wings clipped), let alone prosper without SEC oversight, along with government favored lending policies. Socialism started a long time ago.
So in the end, it is greed and selfishness that is the root cause of the problem. What a breath of fresh air to see State Governors Sarah Palin and Bobby Jindal as the “new” Republicans!
We need to get rid of the RINOs in Congress and elect more “Palins” and “Jindals” into Congress.
There is an excellent article by Doug Lennick and Fred Kiel that discusses the Adam Smith notion of “people’s moral sense” with respect to capitalism.
http://800ceoread.com/blog/archives/001382.html
To quote from the article, “Adam Smith did not envision the “invisible hand†as a competitive, cut-throat economic system where you take and grab what you can for your own personal gain and do your best to destroy your competitors. Instead, he envisioned it as a people working competitively and productively for individual gain and cooperatively for the overall good of society.”
I think Ronald Reagan embodied that notion of “people’s moral sense” when he was in office. Now it is Sarah Palin’s and Bobby Jindal’s turn to carry that torch.
Selfishness and greed is not a bad thing by themselves. It is the environment and theater that they thrive in that determines whether they are good or bad.
You need not trade with brothers, or family members, or even possess morality and ethics for capitalism to work. Certainly it helps and many books have been written, such as the “Protestant Ethic and the Spirit of Capitalismâ€Â, emphasizing morality, but I say capitalism works even for the outsider, among strangers, the greedy, the selfish and among those lacking ethics. Unethical and amoral behavior is almost unavoidable and the beauty of the system is that they are punished in the courts, if they are fraudulent, or punished in the market place if they don’t deliver. The market rewards better and cheaper.
It is crony capitalism, socialism and fascism that created this current crisis because the system was rigged from the start, to originally help the poor, and as time went by it was even further rigged and abused to enrich the wealthy. Where does socialism merge with fascism and true unrigged capitalism end? Look at regulations and tax policy. Some players, Fanny and Freddie, had an advantage. They were not held to standards that would allow the market to function properly. They were given special preferred status that allowed them to evade regulators, procure money at lower rates, to function with less available cash on hand, did not pay taxes and they fostered the idea that they were safe and government guaranteed. Worse yet, even after it was discovered that they lied, cooked the books and represented a clear and imminent danger congressional democrats, keeping their constituents happy, ignored and fought the warnings. Without government support these entities would have been spotted for the fake and phony frauds that they were and the real market of laissez-faire capitalism would have extinguished them a long, long time ago. When Fannie and Freddie were fueled by the CRA it became a fatal attraction and consumed over 50% of all mortgages.
Self-interest is good because it requires people to act, to be productive to achieve happiness. That very same self-interest is allowed to cheat under socialism without the consequences of failure. Recently it was discovered that the NYC MTA pensioned employees had more than 90% of disability claims approved, that allowed double dipping. Consider that any government employee can hyperinflate their pensions by stuffing the last two years of work with overtime. They all do it. Are these government employees guilty of self-interest or greed? In either case the issue would be mute, in the real world marketplace, because such behavior would not survive very long before it was discovered, heads would roll and a policy change would be enacted. The private sector has to be nimble and responsive or it fails and dies. The public socialist sector can be inefficient and grow because it need only increase taxes. It will not go out of business.
Wall Street would never be where it is, had it not been for Fannie and Freddie fueling the flames of speculation, by rewarding the worst lending behavior, denying and impeding oversight of themselves and the loan packages they bought and wrongly suggesting, with the help of Congress, that they were immune to failure.
Pain and discomfort are the by-products of failed endeavor in the rigorous natural selection process of a true capitalistic market and when you artificial remove them you will fill the world with irresponsible idiots.
THIS SHOULD BE advertised OUT THERE in the MSM a.k.a. Mad Scream Media …. WHY ISN’T IT ?!!!!!!
Do you think that the destablization of the economy was due to the failure of an oligopoly based ecomomy? Should the size of businesses be limited?
Based on this 700 billion dollar bailout and preceeding billions of dollars of bailout, can it be reasonably argued that there was a deliberate attempt to destabilize the economy in order to gain political and financial power?
This is not my field of expertise and it is very distant from my profession but I have been watching it for some time and it really is not very difficult to comprehend. Last January when I took a hard look at this there were over 150 banks that were questionable and that alone rules out an oligopoly. I would give these people at Fannie and Freddie a lot of blame but not much credit for planning the end result. People and institutions, like sheep, move in the same directions. They are not that smart and although they should know where the investment rabbit is going, if they don’t they certainly should have known that the RE market was unrealistically overbuilt and overpriced and that demand was based on profit hype and not real living needs. Many of these bankers are very young and I believe thought that whatever the price was at the time, several months later the appreciation would be even greater and the loan value would be more than covered. Then the defaults started and it began to unravel big time in 2007. In fact, if I saw it back then, the Administration and the congressional democrats did as well. Bush certainly did not want an October surprise because it is bad for the incumbent Administration and you have to figure that the guilty democrats were worried that their responsibility might be exposed. They are amazed that their spin is working and underestimated just how much the media is in the tank with and for them. Paulson pulled the trigger so perhaps he planned this propitiously because he certainly could have done it earlier and that would have allowed for better political fallout for the Administration; then again he may have wanted to keep it under wraps till after the election and he just could not hold it down. I have my suspicions about him.
Fannie and Freddie, once upon a time, had some very decent loans on the books. The real culprit, in my opinion, was the CRA, because banks were always getting screwed with those loans but were forced to give them or not be banks under federal law. In some cities, like Chicago, whole neighborhoods are blighted because the mortgagees refinanced, took the money, the plumbing and anything that they could from those houses and ran. Ultimately Fannie and Freddie made a pitch to buy sub prime mortgages and that gave incentive to banks to accelerate the activity and because they had implied government backing that muted serious concerns. If the CRA did not exist and the concept of a government bailout was absent (implied by the Fannie and Freddie charter) then there would be no House of Cards.
This is a crisis solely related to easy mortgage money that is government backed. And now confidence as well is involved. While bankers always privatize the profits they now wish to socialize the losses and with the government involved those loses will, almost certainly, not be contained and minimized.
The whole concept of the bailout is for people and businesses to have easy credit access. The fact of the matter is that most people with good credentials do have credit available. Banks trust loans to people and businesses with credentials. They don’t trust themselves and at the end of a normal business day when all the business deposits from credit cards and other business income needs be deposited they worry if the credit bank will back up the funds or go out of business and therefore are reluctant to give short term loans to each other. Monetary gridlock exists and it is solely related to the junk mortgages created by federal policy.
Unfortunately I doubt that sufficient time exists before the election for clarification of the issues to help McCain. And McCain’s team does not appear ready to ascribe blame to anyone so, under the circumstances, will absorb it themselves from a public too lazy and stupid to really look at the details. They are only too willing to lynch whomever the media tells them to.
Even, Saturday Night Live showed where the blame lies.
Their skit with “Pelosi”, “Frank”, “Bush” and “Soros” was quite funny in fact.
What is amazing is that the lib’s know full well that they are lying about this whole situation. They are so bold knowing that they can portray it in a skit and get away with it, because of their successful “cast the blame on Bush” strategy.
I guess it isn’t so amazing any more. The video of the hilarious SNL Bailout skit has been removed from the NBC website, YouTube, and everywhere else on Internet. Censorship seems to be alive and well in Amerika.
I guess they are getting ready for the Nobama administration. Will we have to call each other comrade?
Thankfully there was a transcipt of the video made by Michelle Malkin. I wonder how long it will last on the web.
http://michellemalkin.com/2008/10/07/the-forbidden-skit-full-transcript-and-screenshots-of-snls-sorossandler-bailout-satire/
Here is the full video.
http://patdollard.com/2008/10/it-is-here-the-banned-snl-skit-cannot-hide-from-louie/
McCain could have really picked up on this and just dropped the ball. No mention of Franklin Raines, Jim Johnson or Jamie Gorelick. No mention by name of Democrat leaders Charles Schumer, Barney Frank and Chris Dodd who were complicit and absolute hypocrites on this matter.
Obama picked up the fumble and scored a touchdown with his Rick Davis association as lame as it was. It reminded me of a bad high-school football game.
The biased coverage by CBC, NBC, ABC, CNN and PBS added insult to injury. Where are the conservatives on the panels? I see nothing but liberals and socialists on there. Not one real conservative. Mike Murphy as a conservative is a joke.