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Audacity of Truth
How Democrats helped enable the current economic crisis, continued
More evidence, in addition to what’s already been documented, about how Democrats enabled lenders like Fannie Mae and Freddie Mac to get us into the economic crisis we see today.
The video is from a 2004 House hearing on questionable FM/FM lending practices that regulators had brought to light. Note the hostility of many of the Democrats in the room to the regulator, with one of them even implying racism behind the report. The video will at times make you gasp, when you contrast what was said at that hearing versus what’s happening right now:
Make sure to send this video, via the “email this post” link at the bottom of this post, to friends and family. They need to hear the real story. The people who are now being painted as heros and saviors of our economy by the mainstream press are some of the same people who refused to see the light on this issue when Republicans repeatedly tried to bring it to their attention. Can you imagine the devastating effect this video would have on the Dem party if it were aired in the form of a documentary on one of the major news networks – especially ABC, CBS, or NBC, channels that are available even on basic cable? I hope a 527 gets a hold of this information, and runs with it.
Let the truth be heard.
Hat tip to AllahPundit, who has the latest on the negotiations on the bailout bill.
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I’m going to channel a bit of Maverick for a moment…
I agree that the Democrats bear the lion’s share of responsibility for this fiasco, which is why I posted the video at my own site. But bear in mind the date: Republicans had the majority of both houses of congress at this time. Unless someone can show that Democrats were through filibuster or some other means able to block a reform bill, I can only assume the Republicans had enough votes to pass one, but not enough Republicans cared. They were thus satisfied to let the situation fester, in spite of the pleas of their party colleagues for reform.
Those of us with Republican representatives and senators who were there when the various reform measures came up need to hold them accountable, too. We should demand to know where they stood on the matter what they did, if anything, to help fix the problem.
This mess represents a colossal failure of responsibility on the part of congress, and no one should get a free pass. No one.
And when Election Day comes, let’s make sure we let our friends know which of the two tickets is the only one that tried to fix the dam before it burst and is the only one likely to do what it takes to fix it in the future.
I still keep feeling this bile in my belly that this same federal government that created the GSE-s that generated all this “crippled” paper is now exacting a price to re-guarantee this “crippled” paper when they had previous allowed their implied guarantee on this same “crippled” paper to lapse.
Yes Virginia, there is greed on Wall Street, but, last I checked, it’s still a crime to commit fraud on both the rich and/or the poor.
When the government sets up a “snake oil” enterprise, all the people, both the rich and the poor, who are represented by this government, are responsible for the actions of their respective “snake oil” representatives in making good on their claims, so don’t think of this as a bailout, but rather restitution.
I realize that restitution requires assumption of responsibility, and responsibility seems to be the most difficult concept for any public official (and the public, rich or poor) to assume.
This is why voting is a function of civil society that infers duties and responsibilities on both the electors and the electees.