For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places. ---Ephesians 6:12

"The age of casual Catholicism is over; the age of heroic Catholicism has begun. We can no longer be Catholics by accident, but instead must be Catholics by CONVICTION." ---Fr. Terrence Henry TOR, Franciscan University of Steubenville

Friday, September 26, 2008

Enough Blame To Go Around...TO DEMOCRATS

I always learn a lot while watching Special Report with Brit Hume. In fact, if I had access to only one news source with or without commentary, I would go with Brit. Here, Fox News explains most of what happened that led up to the current crisis. There are other reasons, of course, as I have previously mentioned. But in 2005 the start of the crisis was clearly in view, alarms were sounded, and warnings not only went unheeded but denied and thwarted by DEMOCRATS. It's no wonder the MSM (main stream media) aka TOD (tool of Democrats) is so eager to spread the blame around. Allow me to correct:

First, a word from former President Bill Clinton. Click HERE for the ABC News interview in which Clinton not only defends McCain's decision to fly to Washington to assist in bailout talks, but also seems willing to spread blame to Democrats, while incorrectly putting himself on the side of those who tried to fix things (once a liar...).

Secondly, here in its entirety is an editorial from the New Hampshire Union Leader putting the blame for the mortgage meltdown on the proper people:

[One month from tomorrow, U.S. Rep. Barney Frank, D-Mass., will be the keynote speaker at the New Hampshire Democratic Party’s annual Jefferson-Jackson dinner. It is a coveted and high-profile role previously filled by such notables as Hillary Clinton and Al Gore. The Democrats’ choice of House Financial Services Committee Chairman Barney Frank is, therefore, very revealing.

The party announced Frank as the keynote speaker on Sept. 11 — three days after the U.S. government took control of Fannie Mae and Freddie Mac, costing taxpayers untold billions. That takeover probably could have been prevented had Frank not worked to thwart every attempt to limit the risks taken on by the two government-sponsored mortgage giants.

For 16 years reformers in Congress have tried to improve oversight of Fannie Mae and Freddie Mac and prevent the government-chartered companies from putting the housing market and the whole economy at risk. All that time, Frank was involved in efforts to block those attempts, and in the last eight years he was a leader of those efforts.

In 2002, shortly before accounting irregularities were exposed at both companies, Frank said, “I do not regard Fannie Mae and Freddie Mac as problems,” The Wall Street Journal reported. After the Freddie Mac accounting scandal in 2003, Frank said, “I do not think we are facing any kind of a crisis.”

But there was a crisis, thanks in large part to Frank, Sen. Charles Schumer and others on the leash of these companies. In Congress, they made sure there was no additional oversight, no additional limit on executive behavior and compensation, and no further restraint on the growth of the companies’ mortgage-backed-securities portfolios, among other changes.

(All of these needed reforms, by the way, have been championed for years by Sen. John Sununu.)

In fact, Frank & Co. made matters worse by pushing Fannie Mae and Freddie Mac to take on greater risk. They wanted more loans to people who might not qualify for traditional bank financing. And, as The Wall Street Journal has pointed out, Frank “pressured regulators to ease up on their capital requirements — which now means taxpayers will have to make up that capital shortfall.”

Even now, after the government took the companies over (which Frank repeatedly said over the years was not a possibility), Frank opposes limits on the amount of money they can risk on mortgage backed securities — the one reform that might have done the most to prevent the current meltdown and probably would do the most to keep it from happening again.]