What is going on right now with the financial crisis makes Enron look like small peanuts. Yet all of America was aghast at big corporate bosses who made out with big money and the failed stock which lost innocent folk's retirement. (Not saying that wasn't wrong.) That was corporate America. What is going on now is government gone very badly. Where is the outrage at those responsible?
Why isn't anyone holding Barney Frank and Chris Dodd to the fire for their obvious lack of scrutiny and insight (not to mention their shady involvement) into what happened with Fannie Mae and Freddie Mac? Shouldn't there be a call for some hearings where they are under oath answering some seriously hard questions?
Instead Barney Frank is all over the news this week with the liberal media talking heads acting as if we don't have videos and recorded voice of him telling us that there wasn't a problem with those institutions.
Don't you know that if there was even the slightest chance they could hang this on the Republicans they would have already called for hearings? Instead they are trying to ram this bad "fix" down our throats in a hurry up vote before Monday.
The following is an excerpt from Gary Bauer's End of Day Report. Click on the link for a great re-cap and timeline of some of the messy politics involved in this slice of the economic crisis (scandal).
"Big Media continues to ignore the role of liberal Democrat policies in causing this mess – from overspending to pressuring banks to give loans to segments of the population that couldn't repay them. They protected the scandalous activity at Fannie Mae and Freddie Mac that went on for years and voted down every effort by the GOP to clean up that mess. (Here's a great explanation of their culpability in today's New York Post.)"
My ear was close to the reports today to hear what our senators and congressmen were going to come up with in the way of a "rescue". I sent e-mails to my senators and congressman to let them know I am not for a bail out as it was crafted originally. I am however for a "work out". A plan that would not entail the government handing out more money (adding to our national debt) to failed institutions so the cycle could start all over again while hard working tax payers continue to pay for it. What about suspending some of the business taxes... like capital gains taxes? Is this a good time to make a plug for flat tax? Again, I don't have the answers but I know there are some smart people who do.
Thank God for the Republicans that today didn't allow this legislation to be pushed through as it is. I asked my senators to take their time coming up with a workable solution and then to let the people have a chance to see it before it is voted on. From what I understand there is no guarantee that what they do will still not send our country into a financial tailspin. If they don't do anything there also isn't a guarantee that all will be lost. I just don't want to see more government and less capitalistic free market working itself out.
I could barely stomach the press conference this morning with Harry Reid and Chris Dodd acting all indignant about how the sessions went yesterday... had to stop watching for disgust at the outright lies they could tell with a straight face.
As we say around our house... more prayer.