Tuesday, September 23, 2008
The Legacy Grows!
The Dems are calling for 'depression-era measures' to get control of the financial crisis that was caused by the government's intervention, supposedly on behalf of their poverty-stricken helots in the red-lined slums across the tracks. The Clinton Administration put policies in place which ended the need for any kind of qualifications to get a mortgage and then staffed Fannie Mae and Freddie Mac with loyal advocates of opening up the mortgage world to the poor. Of course they didn't just open the process up to the poor; they created a way to leverage a very small amount of money into a huge paper equity in real estate. The easy money flowing into the real estate market artificially pumped up prices but who cared? You could get a five-year super low fixed rate that adjusted to an ARM at the end of the five years, which means you just needed to refinance to another loan at the end of the five years using the paper equity that will have accumulated in the meantime to get a better loan deal. Flippers could buy a house financed with the low teaser rate and rent it to cover the payments. The payments were all interest, completely tax deductible, and any expenses and depreciation could be used to create a situation where the house could actually be generating an on-the-books loss that could be used to lower your tax liability on other income. Everybody wins!
In 2003 and 2005 the Bush Administration and some Republicans in the Senate tried to impose some reforms and restrictions on a process that was running amok but were vehemently opposed by the Democrats; specifically Barney Frank, chairman of the House Financial Services Committee and Chris Dodd, chairman of the Senate Banking Committee. Both of these Champions Of The Poor were later found to be taking huge cash donations from their cronies who were running Fannie and Freddie. Dodd took a couple million bucks worth of VERY questionable 'loans' from the teetering Countrywide mortgage firm. Every major Democrat, including Barak The Wonderful, was found to be receiving huge 'campaign contributions' from these two Public-Private corporations. Left-Wing advocacy groups like ACORN and Jesse Jackson's Operation Push received millions from Fan-Fred. Other egregious interventions in the financial system took place. The nauseating and oleaginous Senior Senator from New York, a state with two dishonest and villainous Senators who put even benighted states like Michigan, California and Vermont to shame for the low character of their Senators, was involved in a panic which destroyed the IndyMac Bank. All the employees lost their stock-options and had their pensions wiped out (ala Enron) because Chucky-schmucky and his crooked friends had their hands in the till.
Fortunately this sleazy band of crooks had two things going for them. The first was the 'news' media. The coverage of this has been dishonest in the extreme. The story line ignores the Democrat's involvement and concentrates on the banks and vilifies deregulation and private enterprise. It doesn't report the key action, the demand of the Clinton Administration that The Poor be given access to the mortgage market, and keeps the connections of all of these sleazy crooks to the Democrats and the Clinton Administration under wraps. The second was the feeble weakness of the Bush Administration. If the president went on TV and TOLD THE TRUTH about the partisan nature of this disaster the Dems would be in very hot political water. But the spineless Bush is having the blame hung on his hapless neck because its just not in his nature to get in a bloody political brawl with Democrats. Ditto the alleged Republican 'maverick' who I'm told is our Presidential nominee this year. You know, the guy who's running around blaming the banks and Wall Street...
But in the end, who is responsible for this disaster? Who's the poster boy for the collapse and then nationalization of our financial industry. The envelope please....the winner... drumroll... Bill Clinton! Yes, this is another example of why I call him the worst President in US history. He was the first president to openly receive bribes from an enemy nation in return for embargoed technology. He was the first President to be videotaped lying under oath to a Federal Judge. His attempt to keep the FBI and CIA from comparing notes on his Chicom bribes created a 'firewall' that hamstrung intelligence and allowed the terrorist who Clinton had refused to take custody of to launch an attack on our country that cost three thousand lives and billions of dollars. Jamie Gorelick, who effectively ran the Justice Department and created the firewall and later steered the 9/11 Cover-up Commission away from assigning any blame to the Clintonistas then went on to be a mover in Fran-Fred; walking away with a cool 40 mil. Johnson and Raines, the authors of the phony bookkeeping that brought on this crisis and who each walked away with tens of millions were top players in the Clinton Administration and now are leading economic advisers to Obama.
So now the Democrats are standing in the way of the Bush Administration's attempt to prop up the now-compromised financial system by turning on the currency printing presses. Their big demand is Depression Era Measures, administered by them, that will finally place the entire industry in the hands of the government. The same measures which turned a sharp recession in 1929 into a decade-long Depression are being proposed. This is what these Dems have in mind for health care. Pass 'reforms' to help 'the poor' that bring the private system crashing down and then the noble government steps in with the fix; lots of taxpayer cash. As bad as the Bush fix is it is nothing compared to what will happen if the Dems get their way. We are in for a wave of hyper inflation that will amaze everyone. If the Republicans don't manage to find the courage to resist this Big Lie that's what will happen. Private property and a sound currency, the bedrock of freedom, will have been socialized by a claque of greedy, dishonest and incompetent thugs who will lead this country into poverty.