If the truth matters Obama, Democrats will lose
Astoundingly, the current financial crisis has propelled Barack Obama to a rather substantial lead over John McCain in the polls.
I say astounding considering which man and which party has had the most to do with bringing on this whole mess.
So, the question becomes: Does the truth matter? Or will the election swing on Obama’s rhetoric and the mainstream media spin, thus making the truth irrelevant?
Here’re some facts. Fact number one: It was Obama’s liberal Democrats, led by Chris Dodd (D-Conn) and Representative Barney Frank (D-Mass) who for years –including this year – had steadfastly denied Fannie Mae and Freddy Mac were taking on undue risks which would undoubtedly lead to a financial crisis.
Fact number two: It was Senator Dodd, Rep. Frank and other liberal Democrats who for years had resisted any effort from the Bush Administration or anywhere else to bring closer scrutiny to the two government sponsored enterprises.
It was Dodd and Frank again who had for years pushed Fannie and Freddy to go even further to promote subprime mortgage loans, which are at the heart of today’s financial meltdown.
Fact number three: Alan Greenspan warned Congress four years ago, and so did the chairman of the Council of Economic Advisors to the President. President Bush’s Secretary of the Treasury warned them five years ago.
Yet, what are we hearing today from Democrats and Barack Obama?
It was the Bush Administration’s "right-wing ideology of deregulation" that encouraged the crisis. Does the truth even matter any longer?
Truth would indicate it was over interference by government in pursuit of liberal goals of putting non-qualified borrowers into homes for which they couldn’t otherwise qualify that became the problem.
We also hear the free market that was to blame. However, facts can be stubborn things and clearly show it was the government pressuring financial institutions in general using the Community Reinvestment Act to lend to unqualified borrowers along with threats of legal action from Atty. Gen. Janet Reno if the feds didn’t like the results about who was getting loans.
Banks and other financial institutions were kept from rebelling by using Fannie Mae and Freddy Mac’s deep pockets to buy these poor quality loans thus allowing the banks to take them off their books.
So, the truth would indicate it was a lack of real regulation which allowed the money stream to widen and keep flowing.
When it comes to the "greed" of CEOs, look no further than Obama advisor Franklin Raines who made $90 million while he was head of Fannie Mae for cooking the books and mismanaging that institution into near bankruptcy requiring a federal bailout.
During his short tenure in the Senate, Barack Obama has been the second largest recipient of campaign contributions from Fannie Mae; right after Senator Chris Dodd.
Yes, the truth is a stubborn thing.
It was the skimming of money by Fannie and Freddy, which allowed them to pay for political protection, pay sky-high executive salaries and bonuses to well-connected Democrat operatives buying time and thus extending their reign of irresponsibility.
Barney Frank is undeniably an out-and-out liar. Recently he said in an interview in the Boston Globe, "[Republicans’] failure to regulate sensibly … endangered the economy and … burdened it with bad stuff …. Their own philosophy blew up in their face.
They were so extreme in their insistence that there be no government intervention that they wound up provoking far more government intervention than the Democrats ever would have."
This from a man who blatantly resisted every move toward more oversight of Fannie and Freddy and insisted there was no problem.
Locally we have Democrats running for office. I question how anyone can actually consider themselves a member of a party that has done so much to destroy our country, its institutions and economy. All in the name of "fairness."
Rick Noriega is running against John Cornyn for the U.S. Senate.
Why would anyone want to send another foot soldier to the Harry Reid, Dick Durbin, John Kerry, Nancy Pelosi, John Murtha brigade of cut-run-and-surrender crowd?
What we need are more foot soldiers who are truly interested in the facts and the truth, not an extension of the nanny state.
The net effect of all this has been to bring the economy to the brink of disaster.
But, unless the American public is told the truth and cares about the truth, educated about how we truly got where we are today, there won’t be any reform of the bailed-out-but-still-alive GSEs and the CRA.
And, even worse, we may have to endure the four-year torture of a Barack Obama presidency.
Does America deserve to be put in the hands of a glib and cocky know-it-all, who has accomplished absolutely nothing beyond the advancement of his own career with rhetoric and who has for years closely associated himself with numerous people who have openly expressed their hatred of America? I don’t think she does.