Monday, September 22, 2008
How The Democrats Created The Financial Crisis
If you're in a hurry, here's the gist:
Once upon a time, (actually it was early 2005), and for the first time in history, a serious Fannie Mae and Freddie Mac reform bill was passed by the Senate Banking Committee and it would have required the companies to eliminate their investments in risky assets.
Had that bill become law, then the world today would be different.
But the bill didn't become law, for a simple reason:
Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.
Peter J. Wallison wrote at the time: "It is a classic case of socializing the risk while privatizing the profit."
Typical liberal non-think...
Here's my favorite part:
"Oh, and there is one little footnote to the story that's worth keeping in mind while Democrats point fingers between now and Nov. 4: Senator John McCain was one of the three cosponsors of S.190 , the bill that would have averted this mess."
Vote McCain/Palin in 2008
It's a start.
Then, let's vote out the liberals wherever we find them just as soon as we can.
[The BLOG note: photo via ThePeoplesCube.com ]