JPF Home Page Forums Stop The Bailout

Andrew and Ray,

If either of you think that BOTH parties aren't responsible for this debacle, then neither of you are open to facts. Both parties have had ample opportunities to turn around the problems created by the other and they rarely if ever do. Instead, they go right along with it, knowing they can always point the finger at the other guy when it all crashes. This current bailout is a perfect example of this BS. The Democrats could have passed any bill they wanted to do bail anyone out. But they said they would not do it unless the Republicans ALSO voted for it in high enough numbers so they could share the blame. Bush was willing and ready to sign ANY version that came through, so he wasn't even in this mix. So the Republicans made some changes that protected their interests a little more and the Democrats, having no spine or courage of their convictions, accepted them and want to push it all forward. Neither of the presidential candidates took any hardline position, (or for that matter, any real position at all.. did anyone watch the debate?) showing, in both cases, no leadership. McCain falsely pretended to show leadership... Obama didn't even bother to pretend, since to date, he hasn't led on anything of substance. (And don't trot out a few bills he co sponsored.. there are Senate LEADERS in both parties.. Obama isn't one of them).

The Democratic controlled Congress was completely incompetent on this for the two years leading up. So were the Republicans for that matter. Both parties have their hands dirty and since they both are covered in mud, they'll all get away with it by having people like Andrew and Ray defend one while attacking the other. That way, nothing will EVER change. And in fact, it never does.

The seeds of this were planted by Clinton. The stewardship of it all fell on Bush. Both ALSO have their hands all over it. (By the way, the economy was in a mess when Clinton left office.. very short memory on that Andrew.. apparently you've forgotten the market crash around the Internet bubble bust.. it was ALL funny money back then). And Ray.. the Republicans had several years under Bush where they could have turned back all of this crap but of course it was all fine with them all along as well. Fanny Mae, a Democrat created and run effort, had, on the surface, a good mission. Get houses into the hands of people who otherwise could not afford it. They pushed so hard that banks and lenders also pushed hard on all the factors that let people borrow. To the point where people with no income and no assets were getting huge loans. (The slang for them is "Ninja" loans). There are reports of people with jobs making 20K a year with no down payment getting 500K loans. This systemic idiocy was encouraged by the robber barons running these insitutions and those overseeing them like Barney Frank. (What a proud piece of work this guy is, here is his great contribution to this disaster:

"In 2003, Frank opposed Bush administration and Congressional Republican efforts for the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis. Under the plan a new agency would have been created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. "These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis," Frank said. He added, "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

That's not to suggest he's responsible alone... ALL of them are.. and there are countless examples of problems on both sides. McCain was all for deregulation. Obama is one of the biggest recipients of payola by Fannie Mae via lobbyist contributions. They both have shown zero leadership in all of this. And when one is president, I expect them to continue their lack of effort.

And of course either one will simply blame Bush for anything that happens... they have the perfect scapegoat for 4 or 8 years. And all the while the congress, who, in my view is REALLY the evil entity, will get off free from being held accountable because people like Ray and Andrew will be too busy pointing the finger elsewhere.

Brian