Are you upset with the Democrats for not being able to hammer out a government bailout deal? ?

Deal Score0

I’m a Liberal Democrat, and this is the first time I’ve ever been so upset with my own party.

I heard a soundbite from exactly five years ago, in which (Housing Committee Chairman) Baw-ney Fwank was saying that he considered Fannie Mae and Freddie Mac to be (in Frank’s own words) “solvent”, and not in need of any oversight or additional regulations.

Then one week ago, I heard Harry Reid saying that the Democrats weren’t sure to do about the current crisis. In the same breath, Reid called out John McCain for being a coward and not telling the country where he stood on this issue. So McCain proposed cancelling the debates to attend the meetings in Washington (which the Democrats objected to, despite Reid’s words mocking and taunting McCain for being silent on the issue). McCain walks into the White House congressional meetings at the last minute, and (according to inside sources) he hardly said a word during the negotiations, and then the Democrats turn around and blame him for pulling the plug on an agreement which both parties supposedly had worked out.

Meanwhile, the Democrats already have all the votes they need up on Capitol Hill to get a damn bailout package passed (even the White House is on board with them)…so what the hell are they waiting for??? They’re sitting there blaming the Republicans (specifically McCain) for killing the deal which they said two days ago had been hammered out (a deal which never even existed in the first place, and which now appears to have been a ploy to stall for time and make McCain look bad).

Don’t misunderstand me: the Bush administration is primarily responsible for most of the nation’s economic woes, which are making this current crisis even worse. But both Democrats and Republicans share equal blame for this fiasco.

Let’s not forget folks, it was the Clinton administration (and even Jimmy Carter’s administration before that) which engineered these ridiculous mortgage loan schemes that got us into this damn mess. During Clinton’s presidency, you had the Justice Dept. under Janet Reno threatening to prosecute any lender that denied loans to lower-income folks. So we ended up making loans to families whom we knew couldn’t afford to pay them off, and now look where we find ourselves. Meanwhile, most Americans are too selfish and short-sighted to pay down the national debt, and although we say we love our children, we’re shagging them in the a– by handing them a $ 20 trillion national debt that they’re just going to ignore and let their children deal with.

5 Comments
  1. Reply
    Mark K
    January 20, 2011 at 2:58 am

    yes, I am sick of Democrats playing party politics and not doing what is best for the USA

  2. Reply
    weepingannual
    January 20, 2011 at 3:38 am

    If you’re a liberal democrat, then I’m a conservative republican. It was the Republicans – the House Republicans that changed up at the last minute. The deal had been pretty much settled before McCain and Obama went to Washington, and as everyone was entering the meeting, the House Repubs said “actually we have a new suggestion now.” So you had the House Dems, The Senate Dems, and the Senate Repubs in agreement, with the House Repubs suddenly changing their game, and McCain had something to do with it, and it stinks of Presidential Campaign Politics.

  3. Reply
    Capt. America
    January 20, 2011 at 4:30 am

    It’s a Republican weighted Congress. It’s the Republicans who jumped ship.

    Also, Bush won’t compromise which is definitely an ability he needs. He really thinks he’s a dictator.

  4. Reply
    Jay L
    January 20, 2011 at 4:59 am

    Nope not mad at the democrats at all. The republicans are the problem. The dems are trying to get bi-partisan plan passed, the repubs are holding off so that if anything goes wrong, they can say the didn’t go for it. It’s politics plain and simple. Re-election games, how sad.

  5. Reply
    Wil§on
    January 20, 2011 at 5:07 am

    The CRA argument is baseless since 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks.

    http://74.125.45.104/search?q=cache:TcA9Tzx4aqgJ:www.house.gov/apps/list/hearing/financialsvcs_dem/barr021308.pdf+subprime+University+of+Michigan%27s+Michael+Barr&hl=en&ct=clnk&cd=1&gl=us&client=firefox-a

    Gramm-Leach-Bliley Act===All 3 were Republicans. Republicans should take the blame too.

    YEAs: 53 Republicans——–37 Democrats

    NAYs: 1 Republicans———7 Democrat

    http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00354

    REAL occurrence and HOW this mess happened:

    Here are some of the specific regulations of the financial system that the Bush administration has eliminated:

    – State Laws Against Predatory Lending: In 2003, the Office of the Comptroller of the Currency (OCC) issued regulations that exempted national banks from state laws against predatory lending. As Slate reported, “with the state laws nullified, national banks were free to engage in the sharp practices the states were hoping to stamp out.”
    http://query.nytimes.com/gst/fullpage.html?res=9904E2DA153EF932A3575BC0A9659C8B63
    http://www.slate.com/id/2182709/pagenum/2/

    – The Net Capital Rule: In 2004, the SEC loosened the “net capital” rule, which required “that broker dealers limit their debt-to-net capital ratio to 12-to-1.” The five investment banks that qualified for an alternative rule – Bear Stearns, Lehman Brothers, Merrill Lynch, Goldman Sachs, and Morgan Stanley – were allowed “to increase their debt-to-net capital ratios, sometimes, as in the case of Merrill Lynch, to as high as 40-to-1.”
    http://www.nysun.com/business/ex-sec-official-blames-agency-for-blow-up/86130/

    – The Uptick Rule: In July 2007, the Securities and Exchange Commission (SEC) eliminated the “uptick rule,” which “made it hard for speculators to push the price of a stock down after betting it would fall.” “Since then, legions of short sellers have progressively hammered Wall Street, contributing greatly to the current stock market crisis.”
    http://www.thestockbandit.net/2007/07/03/short-selling-uptick-rule-ends/
    http://thinkprogress.org/wonkroom/2008/09/18/sec-short-selling/

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