Buy the Set, Play Along at Home
I see references and polls daily that lay blame for the mortgage crisis (it had many facets but basically boils down to policies and actions of Fannie Mae and Freddie Mac) at the feet of George Bush personally and the GOP collectively.
Given my background I know better, and I’d find it amusing if it wasn’t probably the single biggest factor pushing the presidential election into the hands of the party most culpable for the problem.
The View Depends on Your Vantage Point
I don’t know what everyone else’s field of expertise is, but my Business degree is from the Dept of Finance and Real Estate. I’ve been in the real estate world in varying positions both corporate and entrepreneurial since the early 80s.
I didn’t just hear about this or get my facts on YouTube, I’ve studied it, I’ve lived it, as has my wife… one of many underwriters run off by Countrywide for trying to uphold the meager guidelines remaining. I’ve had a front row seat… only slightly more enviable than a nicely appointed cabin on the Titanic.
Wait… It WASN’T BUSH AND THE GOP?
Since in the short run it looks like they’re gonna take the blame I almost wish it was, but no, the problems we’ve got right now predate Bush. Not only was the bomb planted and the fuse lit long before, but every time his administration or party tried to defuse it, they were shot down by the Dems on the Hill. That’s documented fact, news clips from left or the right support it.
Even papers that love the DNC credited ’em with saving the virtuous Fannie and Freddie from those mean ole GOP fellas… and the Dems repeatedly went on record as saying there was no problem at Fannie/Freddie.
Everyone Gets an Opinion, but Facts are Facts
I’ve posted some clips in various places… but why bother… experts without portfolio don’t like pesky little things like facts. I’ll grant there were some GOP guys on the Hill that were bought and paid for too… but the mess is pretty clearly a result of the DNC getting their way on the topic. People can argue all they want (I’m getting tired of it myself), but I know better than blaming this one on Bush, and I figured out a long time ago trusting the talking heads on TV to be journalists is a wasted effort.
The Supreme Irony
Yes, this will probably be the factor that decides this election, and you probably arent gonna see the following quote a lot on TV… so I’ll put it here. McCain co-sponsored the Federal Housing Enterprise Regulatory Reform Act of 2005, an attempt to rein in the risks posed by Fannie and Freddie.
Quote: John McCain on Senate floor in ’05
I join as a co-sponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation.
If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
I urge my colleagues to support swift action on this GSE reform legislation.
Rewarding the Guilty
That’s but one of many attempts by the GOP in the last 8 years to rein in Fannie/Freddie that died to a Congress controlled by the DNC and bought off by special interest money, but it’s funny that this one was co-sponsored by the guy taking the biggest media beating for the catastrophe he correctly predicted.
God Bless Our Media Watchdogs
Meanwhile those that watch only MSNBC and CNN and dont have serious years in the industry are pretty much never gonna hear the facts. Oh the media has plenty of time to engage in weighty discussions about whether Sarah Palin really can see Russia while washing dishes or does she have take a helicopter ride. That’s just super, cause I wouldn’t be able to sleep if I didn’t know the answer to that serious piece of investigative journalism.
Pardon me for pointing out, but Who Freakin Cares, you morons… now can we we talk about who REALLY caused the crisis that precipitated the single most expensive tax grab in the history of mankind for just a second or shall we go back to generating Trivial Pursuit questions about the governor of Alaska?
See No Evil / Hear No Evil… and That’s the News, goodnight.
Meanwhile most of the media seems fully prepared to ignore even the most glaring evidence about this finance crisis that doesn’t support their desired outcome of seeing the #2 recipient of money from those same interests, Barack Obama, become the #1 recipient of electoral votes in November.
Doesn’t say much for our system. Seeing the party that caused this profit politically from it is rich irony.
Only in America.