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Nov. 3, 2008 It is too late to get anyone to back up on bailing out Wall Street , Detroit , The Airline Industry or the nation’s banks. The Congress put together a $700 billion bailout plan that will soon balloon to one-trillion-plus. But this plan is nothing more than a collective congressional amnesty plan. The entire cause of this incredible financial mess can be laid at the doors of the American Congress. The House and Senate each went into CYA Overdrive to protect what little approval they had remaining. The bill to correct the mess ended up over 400 pages long and included other pork and perks that secured the votes of recalcitrant lawmakers. John McCain suspended his campaign because he believed the crisis warranted that move. He was wrong. There was no crisis so immediate that required his direct attention. Barack Obama left his message that he would come to Washington if he was needed. Well, as the presumptive leader of his entire party it was certainly more appropriate to be on site even if he had nothing substantive to offer. His presence did get him a photo-op and allowed him to present a 4-point plan that seemingly addressed the crisis. The plan, far from being a “four-part solution” is more likely a four part path to greater financial misery. Here is an editorial breakdown from Investors Business Daily (IBD): http://www.ibdeditorials.com/IBDArticles.aspx?id=306716270814143 Basically, the plan is untenable except as a major springboard for increased taxation. Combined with Obama’s stated goal to allow the Bush tax cuts to expire, it effectively places tax rates a pre-Bush levels and raises taxes on all households making above $42,000 a year. (As all tax brackets will revert to pre 2003 levels) As you read through the attached links you will realize that President Bush did not cause the financial problem. The problem started a long while ago during the Carter Administration and the passing of the “Community Redevelopment Act” which stipulated mortgages should be made available to people essentially “at risk” for repayment. Since the bulk of oversight belonged to Congresses that were majority Democrat, there was no real oversight. Fannie Mae and Freddy Mac became democrat piggy banks and many congresspersons on both sides of the isle began receiving largess from the funds that were technically under the federal government. One of the articles below shows a listing of the top 25 lawmakers to receive campaign money from Fannie and Freddie. What is interesting is the top three names listed are Chris Dodd, John Kerry and Barack Obama while number 4 on the list is Hillary Clinton. http://www.ibdeditorials.com/IBDArticles.aspx?id=306632135350949 When the majority in congress finally went to Republicans in the 1993 mid-term elections, the Republican “Contract with America ” apparently did not include much oversight of mortgages. But this was the time that Fannie and Freddie were “cooking” their books and showing regulators phony numbers to cover the underlying fraud. Eventually Franklin Raines was caught and forced to resign, but not before he was able to scam a $100 million “golden parachute” for himself. The articles below mention Raines’ association with a certain Presidential candidate. After the democrats regained control of Congress President Bush could not get the Congress to enforce regulations or oversight of Fannie and Freddie although making more than 15 separate efforts to do that after warnings from Alan Greenspan. Mr. Greenspan as you might recall just recently accepted some of the culpability for the meltdown without naming any other names. The very aggravating thing about all of this is that President Bush has failed the precepts of free market economics, conservatism in general (less government) and his own stated positions concerning capitalism and democracy. He has permitted the democrats to point the United States directly into the path of socialism and, eventually, communism. Well, he can take the blame for that. But as far as the manufactured crisis; we can only blame Congress, led by the democrats for causing the now global financial catastrophe. Shades of Jimmy Carter and Lyndon Johnson color this whole event. http://www.spectator.org/dsp_article.asp?art_id=13920 http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_hassett&sid=aSKSoiNbnQY0 http://www.ibdeditorials.com/IBDArticles.aspx?id=306632135350949 http://newsbusters.org/blogs/noel-sheppard/2008/09/20/ibd-carter-more-blame-financial-crisis-bush-or-mccain http://gatewaypundit.blogspot.com/2008/09/bush-called-for-reform-of-fannie-mae.html ------------ About the Author: Michael John McCrae has contributed over 700 articles to Useless-Knowledge.com. Email: macswordV@hotmail.com Comment on this article here! ------------ All articles are EXCLUSIVE to Useless-Knowledge.com and are not allowed to be posted on other websites. ARTICLE THIEVES WILL BE PROSECUTED! |
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