The standard Democratic version of what caused the financial crisis is – a lack of regulation from the Bush administration, you know, all those "failed policies." That's a convenient story for the Democrats, but let's briefly review again what happened with Fannie Mae and Freddie Mac, who together bundle and securitize 60% of the mortgage loans in the country. Remember, it was the mortgage industry meltdown that started the financial domino effect. Here's a video you've never seen on NBC, CBS, ABC, MSNBC, CNN, or any of the rest of of the "unbiased" mainstream media.
Now ask yourself why, seven months AFTER the financial meltdown, there still haven't been any regulatory changes at Fannie Mae and Freddie Mac. The only change has been to bring the bankrupted former Government Sponsored Enterprises under full government control, thus formally making the American taxpayers fully responsible for them. Also ask yourself why, seven months AFTER the financial meltdown, has the government still not implemented any mortgage loan standards for the financial industry ? The banks are largely implementing mortgage loan standards on themselves, but the government is actually trying to get the banks to loan money as indiscriminately as before, in order to "get credit moving again." Banks are even being criticized by the government for not making loans that the banks deem too risky.
Finally, ask yourself why, seven months AFTER the financial meltdown, is Barney Frank (D-MA) STILL the head of the House Financial Services Committee ?
In related news, read about how President Obama's first 100 days come out to a cost to taxpayers of $65 billion PER DAY (and that's a conservative estimate). Of course, there's no possibility that could EVER be a problem. Heck no. Obama's cool, and with all his vast management/economic education and experience (NONE before now), what could possibly go wrong ?
And to think, liberals keep asking what all the Tea Party protests are about. They don't understand. They're baffled. Un-be-liev-able.
{ 4 comments… read them below or add one }
Don't forget the big bonuses paid out about one week after the AIG bonuses. Nary a word, though.
The Fox premise, according to Alan Greenspan, is wrong. F&F were not the cause of the meltdown.
And F&F WERE fully taken over by the federal government.
As far as new regulations go, the Republicans will have none of it. It's going to take unilateral actions by the Treasury or the Fed to keep stuff in check until the Democrats can get about 63 or 64 senators in 2010.
In the mean time….please, let me encourage as many future Tea Parties as possible. They will help a lot towards that senate goal.
Jeez Rev, how much bs can you try to float ? You say the Republicans will have none of new regulations ? First of all, that isn't true, because Republicans were the ones TRYING to regulate Fannie/Freddie, and Republicans would welcome mortgage loan standards. The Democrats are the ones resisting. Secondly, even if what you say is true, which it absolutely, definitely, 100% isn't, it doesn't much matter what the Republicans say at this point. Democrats run the show.
You can keep trying to say that mortgage loans had nothing to do with the financial crisis if you wish, but you're only making yourself look silly by saying it. Pretty much the entire country knows the truth by now, even if you keep trying to deny it.
And I SAID Fannie/Freddie were taken over by the government. Maybe you should read what I actually write instead of responding only to your own spin.
larry,
The Fannie/Freddie bonuses were different. THOSE went to Democrat cronies, and are therefore A-okay. It's only when non-Democrats cash in that it's a problem.