Today, in his interview on WTAW radio, Chet Edwards gave the current Democratic Party talking points in his assessment of the Fannie Mae/ Freddie Mac meltdown. Edwards blamed deregulation (Gramm-Leach-Bliley Bill) signed into law by President Bill Clinton and Wall Street greed for the crisis that is quickly accumulating to a 1 trillion $ plus bill to the American taxpayer.
What Chet failed to mention were the actual regulations Congress applied to the socialized government entities. Congress alone is responsible for the regulation requiring such little things as the inability to assess the ability of the mortgage applicant to actually pay back the loan or even proof of employment. And just how are these government entities allowed to contribute to political campaigns when private businesses can't, if not through those insidious little congressional regulations? Not to mention those little regulations that allowed the likes of Franklin Raines, Daniel Mudd, Jim Johnson and Jaime Gorelick to score big bonuses and fabulous perks.
These are just a few regulations the jackalope would like to see investigated and deregulated.
We need serious change in Congress. How about starting with one less Democrat in the House of Representatives?
Elect Rob Curnock (R) to represent Texas District 17.
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3 comments:
The Treasury Secretary is authorized to purchase up to $700 billion in mortgage-related assets at any one time. That means $700 billion is only the very beginning of what will hit us. Please never think that Hanky-Panky Paulson with his connections to Goldman Sachs didn't see this economic crisis coming from miles away. pLEEZE! Gimme a Break!
Pat Jones Hill County
Pat,
In 1992 President Bush and the Republican Congressional Leadership initiated reforms in the ridiculous regulations that led to this scandal. This reform was blocked by Democrats led by Sen. Chris Dodd (D-CT), Rep. Barney Frank (D-MA) and Charles Rangel (D-NY). Oddly, these men are all recipients of largess in the scandal.
You are correct that 700 billion is only the beginning. Consider the looming Social Security Meltdown, as Congress has spent all the money collected leaving only IOU's in a file cabinet in West Virginia.
One thing about Republicans is they rid themselves of those tainted by corruption. That Chris Dodd and Barney Frank were on the cable shows rebutting the Presidential Address should indicate to objective observers the Democratic Party is wholly corrupt and unrepentant.
Chet Edwards was willing to do what he thought was right to help the nation although it was unpopular. I don't pretend to know everything about high finance, but I am pretty sure I don't want to see this nation fall into a depression. I have enough faith in my government that if the President of the United States and the leadership of both parties tell me that this government policy is needed to prevent financial ruin, I am going to give them the benefit of the doubt.
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