The Blame Game

Townhall.com ^ | October 2, 2008 | Cal Thomas

[Kaslin]

When Speaker Nancy Pelosi took to the floor of the House on Monday to blame Republicans for the financial turmoil and charge them with a laissez-fare attitude toward regulation, it seemed like a calculated effort to shift attention and accountability from what Democrats have done to create the current conditions. Fortunately, we have YouTube so Democrats can run from their records, but they can't hide.

At a 2004 hearing of the Government Sponsored Enterprises Subcommittee, then-Chairman Rep. Richard Baker, Louisiana Republican, predicted the collapse of Fannie Mae if nothing was done. Baker called for more regulation, something Democrats claim Republicans never wanted. In an editorial Tuesday, The New York Times got it wrong when it accused Republicans of engaging in "free markets-above-all ideology." That just isn't true. President Bush was calling for more oversight of Fannie Mae and Freddie Mac in his first year as president, though he also praised efforts to expand minority home ownership at a time when bad credit risks were straining the system.

Rep. Maxine Waters, California Democrat, said in a Sept. 25, 2003 hearing of the House Committee on Financial Services, "We do not have a crisis at Fannie Mae and in particular Freddie Mac under the outstanding leadership of Frank Raines." It was Raines who took close to $100 million in "compensation" from Fannie Mae during his tenure as its chief executive officer. In the 2004 hearing, Rep. William Lacy Clay, Missouri Democrat, called the investigation that found illegal activity at Fannie Mae a "lynching," an incendiary word, as both Clay and Raines are African American. Watch this eight-minute video and see who wanted to fix the problem and who did not.

There was something fishy about the Democrats' concern that the bailout process would be drawn out. Democrats and the Bush administration wanted to rush a bill through to avert further damage to Wall Street. As Rush Limbaugh noted on his Tuesday radio program, Democratic leaders claimed President Bush "rushed" the United States into war with Iraq, though Bush spent months building his case with Congress and the United Nations, both of which approved military action against Saddam Hussein.

Now, noted Limbaugh, Democratic leaders want to rush through a "rescue" bill to "bailout" those who made wrong decisions and now want to escape accountability. It is a good point. Many noted economists are opposed to the bailout plan, as are significant numbers of the American people, and even a substantial number of House Democrats. Never has "I'm from the government and I'm here to help you," sounded emptier. If there is such urgency in avoiding financial Armageddon, does the Rosh Hashanah holiday necessitate that non-Jewish members stop working toward a reasonable compromise? Would they quit for Christmas if another war broke out?

Before Democrats and some in the left-wing media add this fiasco to their list of indictments against Republicans, they might consider what Bill Clinton said on ABC's "Good Morning America" on Sept. 25. About his party's reluctance to place more restrictions on Fannie and Freddie, Clinton said, "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress, or by me when I was president, to put some standards and tighten up a little on Fannie Mae and Freddie Mac."

As for the claim by House Financial Services Committee Chairman Barney Frank that the Republicans are to blame, The Wall Street Journal correctly noted in a Sept. 10 editorial, "(Frank's) record is close to perfect as a stalwart opponent of reforming the two companies, going back more than a decade. The first concerted push to rein in Fan and Fred in Congress came as far back as 1992, and Mr. Frank was right there, standing athwart. But things really picked up this decade, and Barney was there at every turn."

This mess has afforded conservative Republicans an opportunity to ask the public to throw out the Democratic majority and start over with a chastened and hopefully wiser Republican Party in the majority. But that will take leadership, a commodity that seems in short supply, like bulls on Wall Street.

[MoreGovLess]

I loved what Michael Gerson said about Pelosi:
“There can now be little doubt that Nancy Pelosi has an unrivaled record for lacking achievement. In retrospect, it seems incomprehensible that Democrats chose a grating, partisan San Francisco liberal to lead both parties in the House.”

I only quibble with the word “lead”...

See his Wash Post Oct 1 ‘08 opinion column

[Jeff Head]

This has been engineered. It is bad, and I believe those who have engineered it wanted it to be bad. They are now using it as an "October Surprise" to force a solution that will further damage our underlying free market system while increasing their chances of winning the Presidency and larger majorities in both the House and Senate.

They and their cohorts will vote for it because it is exactly what they want. Others are voting for it because fear is being used as a weapon to convince them that they simply have to avoid the consequences of not doing so.

A few are voting against it because they values our underlying free market and its fundamental, foundational principles more than they value the pain associated with correcting the problem as it already exists.

I believe that is where we are, but that is just my own opinion.

OBAMA IS IMPLICATED IN THE FINANCIAL CRISIS

NOW WE KNOW WHAT A COMMUNITY ORGANIZER DOES


I'M VOTING FOR SARAH

[albie]

Nice truck! When I see a BO sticker I want to run them off the road. When I see a truck like yours I give the right of way all day.

[raybbr]

This has been engineered. It is bad, and I believe those who have engineered it wanted it to be bad. They are now using it as an "October Surprise" to force a solution that will further damage our underlying free market system while increasing their chances of winning the Presidency and larger majorities in both the House and Senate.

I agree. Even the Board of Directors of GE know they are going to get free money. It's all about making us pay for their mistakes.

I am sickened by our government.

[Jeff Head]

Thanks. It's sickening what we are seeing...but it is left to us to stand against it and rally others to do likewise.

I'M VOTING FOR SARAH...AND SO ARE A WHOLE LOT OF OTHERS

[itsthejourney]

All these clips on youtube are great, however it’s not like the voting public can be bothered to look for them. Until these are aired on the alphabets sheeple will continue to vote for whomever has the best hair and can promise them the moon.

[Truth29]

This is a good column, but the Democrats are completely dominating the media with the big lie that this is all the Republican's, the Administration's and Wall Street's fault. Dodd and Frank have become American heroes and Republicans are evil exploiters. The GOP simply does not know how to fight back effectively. The MSM is acting as a propaganda organ of the leftist socialists trying to take over the country.

[syriacus]

In a place called Washington, DC....

at the intersection of Congress and Fannie Mae ....

you will find......

the DEMron Scandal.

[incredulous joe]

Yes. And it’s not just Pelosi; Barney Frank, Rahm Emanuel, Harry Reid and Chuck Schumer were propped up by the Democrat Party to lead and they remain the most viscious, hateful and partisan politicians in congress. But they all pushed themselves to the head of the line.

They make people like Fienstein, Biden and Hoyer look like uber-conservatives.

This country has been screwed by liberal Dems, while the so-called “moderates” have stood by and watched, while my kids are getting stuck footing the bill.

I am so pissed!!

[Retch_Sweeney]

With all the "blame" being thrown around, it's curious that no one that I'm aware of has called for an investigation, this in the chambers where investigations have been launched into all manner of problems, real or imagined. With the numbers of the GP opposed to the bailout, oops, sorry, rescue plan, you'd think somewhere, sometime, we'll be informed by someone why this happened. Most of us don't get to play with other peoples' money and most of know that we can't write a check for more groceries than we can afford. So is it little wonder that with all the shouting coming out of the echo chambers we're confused. I am. $700 billion in late-trailer payments! Around here, when someone defaults on their mortgage, they lose, the house is put back on the market, and often, someone can pick it up cheap. When the whole deal smacks of a dam designed to fail, you'd think someone would be calling for an investigation, or is this a different kind of ground zero?

[Stars&StripesNE]

[Betty Jane]

It is time to call the media out. Literally. Make phone calls and melt those lines down. Call NBC, ABC, CBS, FOX and your local stations. Ask them when they will investigate Obama's ties to Fannie and Freddie. Ask about Barney Frank and Chris Dodd. It's time we at least let them know out wrath.

After calling them call your members of congress and tell them to vote no. We want investigations now.

[Betty Jane]

DEMron, great name for the scandal.

[MoreGovLess]

I agree about the Dems, but I do not see how the Pubbies are any better. They controlled all three branches of government, yet they did not balance the budget, win the war, cut spending, or do anything other than enrich their cronies. DeLay is a toxic as Pelosi. Most of Bush’s appointments were a complete joke: remember Albie Gonzo? A pox on both their houses until they start to act like conservatives.

But some here are so blindly partisan they see no evil on the Pubblies, even though they are at least equally to blame.

[happydogx2]

And notice the HD satellite too.

[syriacus]

DEMron, great name for the scandal.

I saw it on YouTube today.

and then I "googled" Demron fannie mae

and found someone call it DEMron on September 9th.

It might go back farther than that, too.

[incredulous joe]

I guess I agree with a good bit of what you are saying, particularly Delay and Gonzalez.

When we got Hastert we got someone that could work with many people, but not a lot got done either.

[kevinm13]

Cal Thomas wrote about the YouTube video showing why the Dems should be blamed for the financial mess we are in.

Excellent points that need to be shouted at the tops of our lungs until election day. Toss out the bums.

[Gemsbok]

Where is the fight back or is it impossible because the media won’t do their job?

Remember, if Monica didn’t have that blue dress, they never would have been forced to deal with that issue.