Monday, September 29, 2008

Why Did the Bailout Fail (So Far)?

1. Scores of Democratic and Republican Congressmen heard from huge numbers of constituents who oppose the bailout.

2. Many conservative Republicans have principled objections to a move that rescues private organizations and creates government ownership of private mortgages.

3. Some Congressmen are willing to risk collapse to advance their presidential candidate.

4. After branding Republicans on Saturday as "unpatriotic", Speaker Nancy Pelosi launched into vicious partisan attacks before explaining the bill on Sunday, and again on Monday when she rose to speak in favor of the bill:

Apparently, Speaker Pelosi not only expects us to forget that the real culprits in this mess are mostly all Democrats, from Jimmy Carter, who pushed through the Community Reinvestment Act, to Bill Clinton, who revved up the efforts to place mortgages in the hands of people who couldn't afford them - to politicians like Chris Dodd and Barney Frank, who resisted all efforts to tighten up the lending practices. Speaker Pelosi, who didn't even get the votes of her own leadership chairmen today, apparently also has forgotten such events as the implosion of the internet bubble, the Clinton recession, the economic disaster caused by 9/11, and the cost of the War on Terror. This was unbelievable behavior by a supposed leader in a time of terrible crisis.


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At 6:37 AM, Anonymous Anonymous said...

This economic stiuation was caused by nothing more than fraud, by terrorists and illegal aliens who have stolen millions of identities. Not only home loans were aquired by these criminals, credit cards, school loans, auto loans and endless amounts merchandise. It is all due to the open borders and the millions of illegals and gangs who helped the terrorists use the stolen info. That is why Bush has tried to ram this bail out through before we can figure out whats happened. We have been attacked by a clever enemy and the government does not want us to know the truth. Whats next?

At 10:00 AM, Anonymous Joe said...

There's no doubt that illegal aliens got loans that they couldn't pay off, but the blame really goes to the Democrats and their failed policies like the Community Reinvestment Act and ACORN. Meanwhile, political hacks like Barney Frank and Chris Dodd were playing "Mickey the Dunce" pretending that everything was hunky dory with Fannie and Freddie. Chris Dodd and Barack Obama received large kick backs from Fannie and Freddie, with Obama getting the largest piece of the pie. How are they looking? You can blame Bush all you like, but facts are facts, and it's all going to come out in the end.


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