When Bailouts Bottom Out

Accuracy in Academia ^ | September 16, 2010 | James F. Davis

[AccuracyAcademia]

“When you subsidize poverty and failure, you get more of both.” So wrote James Dale Davidson. This is what our government has been doing in an unprecedented scale for the past four years since Liberal Democrats took over both the US Senate and House of Representatives. Bashers of Conservatives seem not to know this.

People seem to forget it was the Democrat Senate and House majorities, along with eight Republican Senate defectors that voted for the Bank bailout known as TARP in 2008. Yet the Liberal media keeps saying it was Bush’s and the Republicans fault. Well it was partly Bush’s fault, but only because he agreed to the bill once he was convinced that the world’s banking system would collapse if our Congress did not do the bailout. But the bill was pushed through by Democrats, including then Senator Barack Obama, who was the major beneficiary of bank campaign donations.

Liberals seem not to know that it was government regulations that pressured the banks to make the risky sub-prime loans that led to the depression our nation finds itself in. They also appear to ignore the 13 separate requests for Senate and House investigations by the Bush administration of the government-regulated mortgage finance companies Fannie Mae and Freddie Mac that were blocked by Democrats in committee, principally by House and Senate Finance and Banking Chairmen Barney Frank and Christopher Dodd, respectively, both Democrats.

There was nothing laissez faire about regulation oversight and enforcement by Republicans. Both were blocked by Democrats.

[FrankR]