Blame to share in economic meltdown

San Francisco Chronicle ^ | 10/2/8 | Debra J. Saunders

[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...

[sazerac]

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.

[Dr.Deth]

Start with President Bush and Treasury Secretary Hank Paulson

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

[pawdoggie]

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).

[Daryl L.Hunter]

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.