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Blame to share in economic meltdown
San Francisco Chronicle ^ | 10/2/8 | Debra J. Saunders

Posted on 10/02/2008 7:51:09 AM PDT by SmithL

Who do I blame for this financial disaster? Let me count the villains.

Start with President Bush and Treasury Secretary Hank Paulson. By their own actions, they have shown that they believe that markets have become too vulnerable under their watch.

The Bushies have mishandled the $700 billion bailout at every juncture. They pulled a too-large number out of the hat, then asked Congress to write a blank check. Paulson even rejected limits on the compensation of the geniuses who bought bad mortgage paper with other people's money. No way was Congress going to go along with that scheme.

Like many Americans, I am angry and have strong doubts as to whether the bailout is necessary. Having proposed it, however, Paulson probably made it necessary. If there is a 10 percent risk of an economic collapse without a bailout, Washington probably has to pass something.

I blame Democrats, who pushed to give government-supported mortgage giants Fannie Mae and Freddie Mac more flexibility to buy dicey home loans, despite their accounting irregularities. It was Senate Banking Committee Democrats who blocked GOP-backed reforms of Fannie and Freddie in 2003 and 2006 - but that doesn't stop them from disowning any role in this fiasco now.

I blame Democratic leaders for larding the Senate version of the bailout bill with what the national political news Web site Politico.com described as a landmark provision that would require that "insurance companies provide coverage for mental-health treatment - such as hospitalization - on parity with physical illnesses."

This bill is in trouble, and the Democratic leaders decide to add $100 billion to the total tab - as well as make a new enemy, insurance companies. And they think Bush is dumb.

I blame congressional Republicans for being addicted to pork-barrel projects and driving federal spending...

(Excerpt) Read more at sfgate.com ...


TOPICS: Editorial; Government; Politics/Elections
KEYWORDS: bailout; demron; meltdown

1 posted on 10/02/2008 7:51:12 AM PDT by SmithL
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To: SmithL
Start with President Bush and Treasury Secretary Hank Paulson...

No, blame YOUR psychotic democrats who CAUSED this problem in the first place.

2 posted on 10/02/2008 7:54:15 AM PDT by Loud Mime (Liberalism is a Socialist Disease)
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To: SmithL
A good place to start the villain count is HERE
3 posted on 10/02/2008 7:54:40 AM PDT by hiredhand (Understand the CRA and why we're facing economic collapse - see my about page.)
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To: SmithL

This author hasn’t a clue.


4 posted on 10/02/2008 7:54:50 AM PDT by rockinqsranch (Dems, Libs, Socialists, Call 'em what you will, they ALL have Fairies livin' in their Trees.)
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To: SmithL

Barf! Listen, if McCain doesn’t grow some nads, forget it, folks, game over. He better fight hard. I think he will. But he better get ferocious soon. I also predict a few surprises in the next month that will help McCain. Because we keep forgetting...2012 belongs to Hillary.


5 posted on 10/02/2008 7:55:27 AM PDT by Charles Bronson Forever
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To: SmithL

Don’t preach to the choir. Send this to every democrat you can find. They won’t want their people to see this but some will get through. Maybe they’ll pay attention to it. I would like to know how Obama and biden feel about communism. http://www.dailymotion.com/video/k6KUDv1wzraWhwlBt1


6 posted on 10/02/2008 7:56:36 AM PDT by RC2
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To: SmithL

Whenever liberals talk about “sharing the blame”, this means that they know the blame is entirely theirs.


7 posted on 10/02/2008 7:58:31 AM PDT by Mad_Tom_Rackham ("The land of the Free...Because of the Brave")
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To: Charles Bronson Forever

Stop “asking” McCain to get tough on Obama..........TELL him to get tough on him or he will loose our votes. McCain is a fighter pilot. He has to set Obama up for the kill and be vicious about it. Obama is this countrys worst enemy right now and must be taken down.


8 posted on 10/02/2008 8:00:44 AM PDT by RC2
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To: SmithL

this is a prime example of the left’s use of moral equivalence. those who make mistakes trying to resolve the cises are just as bad as those who’s greed or incompetence CAUSED the crises.


9 posted on 10/02/2008 8:01:04 AM PDT by camle (keep an open mind and someone will fill it full of something for you)
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To: SmithL

***Having proposed it, however, Paulson probably made it necessary. If there is a 10 percent risk of an economic collapse without a bailout, Washington probably has to pass something.***

Oh politics. If they do nothing and we enter a recession/depression it’s going to be all about the failures of the free market and how government must swoop in to save the day. Joy.

Good article.


10 posted on 10/02/2008 8:01:26 AM PDT by djsherin (The federal government: Because your life isn't screwed up enough!)
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To: RC2
Don’t preach to the choir. Send this to every democrat you can find.

Exactly! And send it back to the paper this post came from, too. We need to get the word out, not just talk among ourselves here FR.

11 posted on 10/02/2008 8:01:44 AM PDT by Heartland Mom (Those who would give up liberty for temporary safety deserve neither liberty nor safety. - Franklin)
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To: SmithL
Democrats are trying like the "Dickens" to muddy the picture.

This scandal is THEIRS.

*************

In a place called Washington, DC....

at the intersection of Congress and Fannie Mae ....
you will find......
the DEMron Scandal.

12 posted on 10/02/2008 8:01:47 AM PDT by syriacus (At the intersection of Congress and Fannie Mae .... you will find the DEMron Scandal.)
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To: SmithL

The author is basically right, although Greenspan belongs at the top of the list. Second is Paulson and his buddies who invented the securities house of cards and have no clue how to undo it. They did indeed ask for a blank check and presented zero details that would show they have an understanding about bank balance sheets. Third place are the Dems, just along for the ride. In terms of dollars the socialism for the rich will far outpace the socialism for the deadbeats.


13 posted on 10/02/2008 8:01:55 AM PDT by palmer (Some third party malcontents don't like Palin because she is a true conservative)
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To: SmithL
If there is a 10 percent risk of an economic collapse without a bailout, Washington probably has to pass something.

Not to worry. We can safely rely on the toy wooden arrows industry to pull our economy out of the abyss.

14 posted on 10/02/2008 8:03:07 AM PDT by Notary Sojac (I'll back the bailout if Angelo Mozilo lets me borrow his Lamborghini on Saturday nights.)
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To: syriacus
Barack just said to a crowd in Detroit that unemployment is up for the 9th straight month.

Coincidentally, that ties in with the increase in the Minimum wage about a year ago.

Fair Minimum Wage Act of 2007

Minimum wage - 2006 - $5.15
Minimum wage - 2007 - $5.85
Minimum wage - 2008 - $6.55
Minimum wage - 2009 - $7.25

Unemployment was low, under Bush, until Democrats took over both houses of Congress.

15 posted on 10/02/2008 8:18:09 AM PDT by syriacus (At the intersection of Congress and Fannie Mae .... you will find the DEMron Scandal.)
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To: SmithL
"Start with President Bush..."

The Bushies...

Vitriol starting off with the first sentence. No mention of Demorats until more than 60% through the article, and very mild, general criticism.

Liberalism, as adhered to by this author, is a mental disorder.

16 posted on 10/02/2008 8:27:18 AM PDT by rlmorel (Who is Saul Alinsky and why is Barack Obama a disciple of his methods?)
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To: SmithL

bought bad mortgage paper with other people’s money
no word from barneee frank yet.


17 posted on 10/02/2008 8:50:49 AM PDT by Vaduz (and just think how clean the cities would become again.)
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To: SmithL

“I blame Democrats, who pushed to give government-supported mortgage giants Fannie Mae and Freddie Mac more flexibility to buy dicey home loans, despite their accounting irregularities.”

This may sound nitpicky, but I’d like more than one sentence, albeit one long sentence, to cover what “Childe Jimmy” Carter, “Puck Bill” Clinton, “Ogre Chris” Dodd, and especially Barney Frank, whose proper appellations would nauseate the sensitive among us, collectively wrought in an unbroken string of outrageous acts from 1977 through 2006.

Some say that looking back keeps us from looking forward. Well, I don’t want to look forward to a wholly Dem dominated federal government that will rewrite history to offload all blame on Reagan, Bush, and Bush. Let’s by all means fix the problem, but record that liberalism caused it.


18 posted on 10/02/2008 8:54:40 AM PDT by JohnQ1 ("Some cause happiness wherever they go; others, whenever." Oscar Wilde)
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To: rlmorel
Did you read the whole article? A lot of us conservatives are not real happy with the President's fondness for big-government projects. Debra is a conservative, and she nailed this one pretty well, especially this line:
Having proposed it, however, Paulson probably made it necessary.

19 posted on 10/02/2008 9:25:40 AM PDT by SmithL (Drill Dammit!)
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To: SmithL

Yeah. I read it. The issue here is that this problem is PRIMARILY a result of Liberal policies and politicians.

PRIMARY. Not just a majority or a greater part. PRIMARY.

I personally am not happy with his handling of this issue, or his government spending in general. His adviser in this, Paulson is stained with liberal corruption as well even though his political affiliation is not public information, and probably was intrumental in getting President Bush to sign on with his wholehearted support. Paulson is a devotee of global warming and the companies he has worked with and headed are bastions of liberalism, in my opinion. I fault him for having someone like Paulson to advise him.

But the main point is the cause of this should be the main focus of ANYTHING relating to the bailout, ESPECIALLY causes and effects.


20 posted on 10/02/2008 10:09:05 AM PDT by rlmorel (Who is Saul Alinsky and why is Barack Obama a disciple of his methods?)
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To: SmithL

If democrats had no control for 6 years why did they even bother showing up for work? There’s a difference between having the majority and having control. Neither party has control.


21 posted on 10/02/2008 10:32:21 AM PDT by sazerac
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To: SmithL
Start with President Bush and Treasury Secretary Hank Paulson

Start with go piss up a rope, you commie shill.

22 posted on 10/02/2008 11:45:52 AM PDT by Dr.Deth
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To: SmithL

English translation of this editorial: “Everybody’s to blame, therefore no one is to blame, especially those with a (D) behind their name.” This is as close as we’ll get to an admission that Democrats made mistakes from anyone in the Drive-By Media (or Bill O’Reilly).


23 posted on 10/02/2008 1:14:44 PM PDT by pawdoggie
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To: SmithL

If the U.S. government takes an ownership position in banks could legislation be passed to mandate the government sell its ownership position upon recovery of bank solvency and banking’s ability to repay the governments capitalization?

The government screws up everything and banking is too important to gamble with.


24 posted on 10/13/2008 8:20:00 AM PDT by Daryl L.Hunter (Pacifists are the unwitting ally of the enemy!)
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