By now even the most intellectually stunted among us understands that the first casualty of politics is honesty. No matter how superficial or how serious the matter, inside the beltway spin doctors take the facts, carve out anything that points to their client's guilt or responsibility in any given matter and then figure out how to package it so they can level a charge of irresponsibility and ineptness at their opponents or opposing colleagues. Kool-Aid drinking political sycophants glom on to these talking points and suddenly the innocent are the guilty and the inept and responsible are pointing fingers of blame.
There are several facts that we must not allow the spin doctors, the mainstream media and the guilty to rearrange:
1) Ever since George W. Bush came to power in 2000 he, along with Sen. John McCain, have been spotlighting the need for a reform of the laws that govern SEC and Wall Street oversight. Their insistence on oversight reform of our financial institutions and markets has been consistent, loud and ignored.
2) The current financial quagmire in which our nation is firmly planted started, arguably, when Bill Clinton
, came up with his "National Homeownership Strategy
." This financial scheme, most likely geared toward bolstering Bubba's legacy as a man who "cared about the little people," promoted insanely low down payments and coerced lenders into giving mortgage loans to first-time buyers with unstable financing and incomes.
3) Barney Frank (D-MA), as Chairman of the House Financial Services Committee and Chris Dodd
(D-CT), Chairman of the Senate Banking, Housing & Urban Affairs Committee had ample knowledge of President Bush's and Senator McCain's concerns about the need for oversight reform for the financial markets, yet they chose to play the roles of obstructers instead of reformers. They had the power all along to affect reforms for the financial oversight process and they did nothing.
Now, as we approach the presidential election of 2008 we witness two Democrat political opportunists trying feverishly to rewrite the history of their culpability with regard to the current financial crisis so as to hang the blame on the Bush Administration and the campaign of John McCain. Truth be told, as dishonest as the mainstream media is these days they may just get away with it.
I don't like the fact that the financial remedy for bad business practices on Wall Street comes with a bill to the taxpayers of over $700 billion dollars. While I understand the ramifications of allowing AIG and other greed merchants of Wall Street to fail, it seems to me that the real way to alleviate the liquidity problem of the financial sector would be to afford the $700 billion of taxpayer monies to the taxpayers who need to address their unqualified loans.
This way they could pay off or pay down the "bad paper" offered by the Wall Street greed merchants, thus, loosening up capital with which they might operate.
Really, it's a simple thought; if the federal government is going to give
money to anyone give it to the people who earned it
so they can pay their bills. Wouldn't this alleviate the problem?
As for Barney Frank and Chris Dodd...this is not the kind of "change" we need in Washington DC.