Wednesday, October 8, 2008

Spanking that redheaded stepchild

Henry Waxman needed a scapegoat today as congress started their “place blame game.” It is a blame game now and the Democrats saw fit to grill the CEO of Lehman Bros. They asked him if his severance pay of 400 million was defensible.

They have chosen to attack the secondary targets and not the primary ones. I’d like to see a grilling of say Jimmy Carter for his role in the Community Reinvestment Act, or maybe Bill Clinton for his role in expanding Carter’s program.

Democrats see fit to place the blame on the “lack of oversight,” on the present administration, and yet the problems started with Carter. Where were the regulations on President Carter’s instituted act? Where were the regulations on the Clinton watch? President Clinton has admitted that more regulation was needed.

Fannie Mae and Freddie Mac had all the expendable money to donate to individual campaigns, how was that even allowed? Both Freddie Mac and Fannie Mae are considered as non-profit organizations and yet they are under congressional oversight. The non-profit status allowed the questionable “donations” to virtually every senator and most congressmen.

Why hasn’t Henry Waxman dragged Franklin Raines, past CEO of Fannie Mae, who collected some 240 million and then “retired early” after questionable accounting practices. His career started in the Carter Administration as an “assistant director of the White House Domestic Policy Staff from 1977 to 1979. He went on to in 1996 to join the Clinton Administration as the Director of the U.S. Office of Management and Budget, where he served until 1998. His involvement with the Democratic Party was irrefutable, and yet the democrats will NOT question his involvement or others on their part to fleece America out of BILLIONS of dollars.

John McCain and George Bush have not only many years of trying to get congress to enact more stringent laws about lending (specifically Fannie Mae and Freddie Mac.) But it is also recorded that Chris Dodd and Barney Frank told the American public that “everything was ok with both institutions,” and yet here we are, bailing out 5 to 7% of bad loans that shouldn’t have been made in the first place.

We have now entered the socialistic region. When something is enacted to benefit the few, stolen from the pockets of the many. This lending crisis is what started to cause the house of cards to fall. I hope the rest of the EU is watching, because in a world economy, when one goes down we all go down, you have a President of the United States from the past who pushed a policy that has caused a backlash in your economy now. One for all, all for one………..get used to it if Barack Obama is elected, because more bad times are headed your way, and the funny part is……….you don’t even vote for him!


Anonymous said...

I sure can’t speak for others, but I know my blood pressure is out of control. I wonder just how many people are going to “bail out” like they did during the depression. Our country is out of control and too blind to see what is smacking them down!!

Anonymous said...

saw this handsome fellow on TV the other day and thought......wonder if when he was a boy in school if he got his ass kicked everyday for no good reason?...LMAO!