Democrats ready to blame GOP for bailout failure

[Chris]

Pelosi won’t jump alone

House Speaker Nancy Pelosi is telling Democrats that she will not support President Bush’s $700 billion bailout of the financial sector unless there is significant Republican support for the controversial plan.

Democrats say Republicans own the chaos on Wall Street because the GOP spent the last seven years dismantling the regulatory apparatus of the federal government, assuring everyone it would be best for the economy. And now, says Rep. Dennis Cardoza (D-Calif.), “They want total carte blanche.”

Some Democrats say Bush should not only push for the bailout, he should apologize for gutting the regulation they say could have prevented the crisis.

“The president does owe the nation an explanation and an apology,” said Rep. Carol Shea-Porter (D-N.H.).

(more...)

[Chris]

Republicans, for their part, say it’s time for Democrats to acknowledge that they run Congress.

 

[miskie]

The Republicans, especially McCain should run with this.

"Even though they are in the majority, the Democrats are looking to Republicans instead of Barack Obama for the leadership they need in this time of crisis".

if the Democrats then claim its to insure that they all go down together, McCain counters with

"In this time of crisis that affects each and every one of us, the Democrats are more concerned about their own political futures than the citizens of this great nation. By holding this unfortunate, yet necessary, bail-out hostage for their own political needs, they are proving to all of us they are not ready to put Country before Party, and the Democrats, along with Barack Obama, are certainly not ready to assume the leadership of The United States"

[Airwolf]

The Republicans, especially McCain should run with this.

"Even though they are in the majority, the Democrats are looking to Republicans instead of Barack Obama for the leadership they need in this time of crisis".

if the Democrats then claim its to insure that they all go down together, McCain counters with

"In this time of crisis that affects each and every one of us, the Democrats are more concerned about their own political futures than the citizens of this great nation. By holding this unfortunate, yet necessary, bail-out hostage for their own political needs, they are proving to all of us they are not ready to put Country before Party, and the Democrats, along with Barack Obama, are certainly not ready to assume the leadership of The United States"

Finally someone is calling the Dems for what they are.

[Chris_]

Republicans, for their part, say it’s time for Democrats to acknowledge that they run Congress.

 

Republicans, on the other hand, need to acknowledge that for too long they have stood by on the sidelines like cowards and let the democrats propose and then railroad through socialist "equality of outcome" schemes such as the Fannie Mae/Freddie Mac debacle with nary a whimper of protest, if they now wish to claim any kind of footing on the moral high ground in this mess.

Without that "come to Jesus" moment on their part, I hold them JUST AS CULPABLE as the Democrat cockroaches like Dodd, Reid and Obama who've been profiting from this mess.

[Peter3_1]

Actually, the Pres. and McCain suggested legislation with better accounting procedures for Freddy and Fanny. Rep. Barney Frank gave a (lying) speech saying all was well in Fred and Fan and we should damned well leave it alone as it was finincally sound etc etc in 2005.

Yes the (R)'s became part of the problem as they spent too much and did no reformes once Newt was kicked out. But the Dams took the $ and ran with it! Two (D)'s walked off with $100,000,000 (Raines and Gorelick) alone from Fred/Fan. What two (R)'s did as "well"?

[Chris]

There's plenty of blame to go around on both sides.  This is not going to be a one-or-the-other problem.  The Democrats and the Clinton administration pushed the expansion of the CRA that allowed the loans to be made, but the Republican Congress gave the green light to Wall Street for the securitization of those mortgages. 

[Peter3_1]

Which two (R)'s was it who walked away with the $100,000,000  the (D)'s did? Was it none?

[dandi]

There's plenty of blame to go around on both sides.  This is not going to be a one-or-the-other problem.  The Democrats and the Clinton administration pushed the expansion of the CRA that allowed the loans to be made, but the Republican Congress gave the green light to Wall Street for the securitization of those mortgages. 

Sorry, the democrats raided fanny and freddie like it was a 7-11 in LA, stonewalled any investigation or oversight, threatened lending institutions with investigations if they didn't buy the worthless mortgages, and now want to blame someone else while wanting complete control and oversight of the mess they made with the help of a corrupt and complicit media arm.

Sorry, it's theirs and theirs alone.

[Peter3_1]

Exactly so wasp. Remember, whenever you hear a (D) claiming it is someone else's fault and describing what was done, they're telling you what THEY did and transfering it elsewhere. They KNOW the drive by's will back them up.

[Airwolf]

To me the whole thing smells of a power grab by the Dems. If they could get the Government to bail out the mortgages and end up as owners then guess who is going to see to it that if they want something all they have to do is flex that new found economic muscle and the poor slobs on the hook either choose to pay up or they lose their homes.

[NHSparky]

“The president does owe the nation an explanation and an apology,” said Rep. Carol Shea-Porter (D-N.H.).

Gawd, I'm embarassed to admit this moonbat "represents" my district.  On the bright side, she's down in the polls to Jeb Bradley.  The people up here realize what an embarassment she is to us and are doing everything they can to get her out before this becomes a "safe" seat.

[whiffleball]

Great youtube exposing Dems re Fannie Mae/Freddy Mac. 

http://www.youtube.com/watch?v=_MGT_cSi7Rs

[Baruch Menachem]

Bush is the executive.  He has the veto pen.  If this had been important to him, he should have done something.

You can't blame the democrats for being brainless blood suckers.  It is who they are.  We vote for them because that is who they are.   Bush was supposed to be something very different.   He has not done what he was supposed to do.

[Peter3_1]

"HE SHOULD HAVE DONE SOMETHING" "HE HAS THE VETO PEN" ? What does having the veto pen have to do with anything? Should he have vetoed/refused to sign the budget bill? Then they'd have instantly failed, and it would have been aLL THE PRESIDENT'S FAULT! Something? Perhaps "Jawboned"   the issue? And had the driveby press give HOURS and Hours of democrat rebuttal time telling us how stupid he is, how he doesn't get it, how out of touch with Main St. the Republicans  and the president are?

See the problem we have with the death of responsible journalism? See how dangerous it can be?

Pretty clearly, the Black Caucas had their marching orders. If the right had persisted, the howles of RACISM would have been clearly heard clear to the South Pole.

Tghis political bigotry has GOT to stop, yet as I write there is no solution and the democrats continue to dishonestly demonize McCain. Is there ANYTHING , ANYTHING at ALL that will make a democrat put COUNTRY first? Anything?

[Willow]

I'm pulling for Bohener and his team. I don't care if all the banks fail. Let these Dummies live without credit. If the whole freaking lot of them both R and D can't do better then let it burn to the ground. I am really really really pissed over this.

[Willow]

here is an email address for Mr. Bohener, if you would like to write him..


http://republicanleader.house.gov/Contact/thankyou.htm

[Schadenfreude]

Willow, I don't know what to believe anymore, is doing absolutely nothing an option?  It pisses me off that we had nothing to do with this effed up mess and it would appear to be the end result of another ****ed up social engineering experiment.

I guess I don't either have the intellect or the patience to wrap my brain around economics. Somebody help me understand what's going on. 

[Willow]

Willow, I don't know what to believe anymore, is doing absolutely nothing an option?  It pisses me off that we had nothing to do with this effed up mess and it would appear to be the end result of another ****ed up social engineering experiment.

I guess I don't either have the intellect or the patience to wrap my brain around economics. Somebody help me understand what's going on. 

I will to the best of my ability. And it is complicated. Think poor, think minority, think illegal immigrant. Think Democrat.


Probably with the very best intentions the Democrats petitioned for easier access by minorities to home loans. I guess previously the banking industry had pretty much "red lined" minorities. So Fannie Mae and Freddie Mac were born. And as it goes with most Washington bureacracies, the "easy money" was just too hard to resisit and the corruption set in. All kinds of mortgage money was made available to millions of people who could not afford the payments. On top of that preadatory lenders moved in and took advantage of these folks. But add to that this climate the leaders of the black caucasus have created in their districts of victimhood, reparation, and the government owes you. Things got out of hand way more loaned out than they could ever hope to recover. Along come the investment banks like Merrill Lynch who started buying up these loans (toxic paper) God knows I don't know why. But their stockbrokers kept on selling stock and when they went down so did their stockholders. Bill O'Reilly said he had 3000 shares in Merrill Lynch. We had 5 big investment banks, we have 2 left. Now we find out that they were giving No job, No income, No assests loans to minorities and illegals. All of this they expect us the taxpayer to pick up the bill for. This is wrong. I wrote Bohener and told him to stick to his guns, He is fighting to keep 20% of this bailout money (Profits?) from going to ACORN.

[Willow]

oh, and from what I can gather Republicans such as Newt Gingrich, John McCain and others have tried for years to reign this in and have been blocked every time by Democrats led by the Congressional Black Causcus and Barney Frank. Now Obama, John Kerry, and Chris Dodd have all pocketed millions from this scam.

[Schadenfreude]

Thank you! Your explanation sheds a lot of light on the various information I have been piecing together in my crash economics course. Like I said, economics is not really my strength. Isn't it ironic that on one hand, the presumptive democratic presidential candidate is the face of Fannie and Freddie, while the GOP produces a candidate who is the maverick reformer.... somehow I think this was by design. 

On edit: I was penning my reply without having seen your reply right above - I see we are thinking along the same lines.

[Schadenfreude]

This is wrong. I wrote Bohener and told him to stick to his guns, He is fighting to keep 20% of this bailout money (Profits?) from going to ACORN.

That makes me want to puke right there. The audacity of the Dems to slide something like that in. 

[Willow]

This is wrong. I wrote Bohener and told him to stick to his guns, He is fighting to keep 20% of this bailout money (Profits?) from going to ACORN.

That makes me want to puke right there. The audacity of the Dems to slide something like that in. 

lol and they are trying to put "union bosses" on the oversight committee. Watch Neil Cavuto.

[Baruch Menachem]

I think letting it burn to the ground is a better option.  Then pour salt on the foundations.  Make sure anyone who thinks investing in this kind of scam is a good idea realize, it really really isn't.

[Wretched Excess]

I'll bet they want as huge a crash as possible. only then they can nationalize another huge segment of the private economy.