Tuesday, September 30, 2008

We'll now hear from the Senators from Fannie and Freddie

The hypocrisy of the democratic party has no bounds. It became crystal clear that the only thing bipartisan about the 'economic recovery' package or whatever they are calling the 400lb gorilla now, is that No one from either party wanted to vote for it.

Watching the post vote press conference yesterday, my blood started to boil as Nancy Pelosi,(D-California)accused the GOP of killing the bill by not providing the additional 13 votes needed to pass. What she didn't mention is that 95 democrats helped to defeat the bill, some because Pelosi told them not to vote for it. According to numerous sources, Pelosi spoke with 16 freshman democratic senators and told them not to vote for the bill, as it could hurt their chances for re-election. So much for putting politics aside, eh Nancy?

You can argue for days about why this bill didn't pass, but a good rule of thumb for any leader is don't put something to a vote, when you know it's not going to pass. As I mentioned last week the passage of this bill wasn't going to be easy, but it was further complicated by the Democratic political posturing done by Speaker Pelosi, prior to the actual vote. Pelosi basically made the vote a condemnation of not only the Bush Administration but conservative ideals in general, labeling them "right-wing". There's a saying about this kind of behavior, something about counting chickens.....or in this case counting, cooking and eating the chicken.

What did cause those 12 House Republicans who had previously committed to holding their nose and voting to decide to just let the stink fill up the room? It could have been the bold face lies being told by the Speaker about how we got here in the first place all the while doing a live infomercial for Barrack Obama, I know it would have been enough for me.

Maybe it was that Obama had already written his speech to praise the passage of the bill while continuing to criticize the "failed bush policies". He didn't get to give that speech as just as he was about to go on, he found out the bill didn't pass. This is the guy who is the leader of his party? He didn't know they didn't have enough democrats to pass the bill? I guess he didn't have his ringer turned on when they hit him up on his cell...

Perhaps word or text had leaked into the house floor that Obama surrogates were already giving an interview on NPR where they criticized the Republicans who were supposed to vote for the bill. Anything is possible.

I will never know nor would I care to think what really goes on inside some of these politicians minds, but I will tell you what went through my mind when I watched her stand there...Liar. You should be tried for treason for lying to the American People from the floor of the House. What came next was what really got me going.....

At the previously mentioned press conference, Nancy Pelosi stood side by side with Barney Frank (D-MA), Chairman of the House Banking Committee and Christopher Dodd (D-CT) Chairman of the Senate Banking Committee, as they joked and made fun of those 12republicans that didn't fall for their tricks. Barney jovially suggested that he would "talk to them very nicely" doing his best Mr. Magoo impersonation.

While Barney Frank may look like a cartoon, there is nothing funny about his role in this mess. Since 1991, the "patron saint of Fannie Mae and Freddie Mac" as the Wall Street Journal referred to him, has worked tirelessly to build up and insulate these two monstrosities from scrutiny. Frank has long been a proponent of what the libs now call "predatory lending" practice, he just called it "affordable housing" before last week. Frank started the whole ball rolling in 1991 when he and Joe Kennedy pressed for softer rules for Fannie and Freddie, giving loans out to less qualified lenders. During the 1990's, the gilded age for Fannie and Freddie executives who ran roughshod, then snuck out of town under the cover a golden parachute, Barney Frank, one of only two openly gay congressional members, dated Herb Moses then executive for Fannie Mae.

Persistence pays off in Washington, because Frank and his buddies ultimately made it almost impossible for any bank to turn down a loan for any reason without risk of paying a $10,000 fine per application. When President Bush introduced legislation in 2003 to create more oversight on Fannie and Freddie, Frank told the New York Times ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis," ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." When John McCain introduced legislation in 2005 urging immediate oversight of the two "F's", Guess who blocked it along with a bunch of his Democratic friends? Yep, Barney Frank. Apparently, he's changed his mind now not only do they need more regulation, they need your money to fix the problem!

Rep. Frank's counterpart in the Senate, Christopher Dodd or the Senator from Countrywide as he's known in political circles doesn't fair any better as a Steward of the Tax payers money. Though he stood side by side with Nancy Pelosi claiming the moral high ground on this issue, his unethical dealings with Countrywide mortgage has led his own contituients to call for him " to just admit he was wrong". According to the Hartford Courant, Dodd took a "major hit to his credibility" when his unsavory relationship with Countrywide went public. Dodd and several other prominent democrats benefitted from their relationship with Countrywide CEO Angelo Mazilo, enjoying sweetheart mortgage deals under a clause for "friends of Angelo". In addition to his Countrywide connection, Dodd is the #1 recipient of campaign donations from Fannie and Freddie according to opensecrets.com. This reminds me of another saying...something about a Fox and a hen house....

What about Obama? Does he have his finger on the pulse of what this economy needs? Take a look at two of his financial advisors, then you tell me. You may remember a few weeks ago I wrote about Jim Johnson, the man Barrack Obama choose to head up his VP selection committee, who was forced to step down amid the Countrywide Scandal in June of this year. Another name that may not be as familiar to you, yet is Franklin Raines, former CEO of Fannie and Obama economic advisor according to the Washington Post. Both of these guys made Obama's short list for financial advisors, they made a list of mine as well, but it has nothing to do with advising and to be honest is no longer that short.

Then again, Barrack Obama has his own experience in corruption to draw from during his ACORN days. The Association of Community Organizations for Reform Now, or ACORN has benefitted immensely from the generosity of Barney Frank and others, one of the first sticking points for the House Republicans on this 'resue extravaganza was the $100 Million the Dems tried to tack on for organizations such as ACORN. The anti-capitalistic group has wielded power by extorting money from tax payers and bankers alike, by threatening to go public with accusations of racism if they don't bend to their will. Barrack Obama worked as a trainer for ACORN in his Chicago days, while sitting on numerous boards where money was 'awarded' to ACORN. ACORN is also currently under investigation for voter fraud in 12 states, not surprisingly though they've endorsed Barrack Obama for President.

Is anyone starting to see a pattern here? Now I don't know what will happen with this Billapalooza in Congress, but ridiculous legislation aside, Do these people have No Shame? The very people that are intimately responsible for the current economic situation, stand self righteously at the podium and point fingers at the Bush Administration and John McCain who tried on several occasions to stop this train before it went off the tracks?! There should be blood.

This Congress famous for their unrelenting search for the truth about steroids in Baseball, apparently didn't have nearly as much interest in policing their own ranks for inappropriate conduct as I have yet to see or hear anything about an ethics investigation into Barney Frank and Christopher Dodd, and to be honest I won't be happy until I do. Nancy Pelosi got out in front of this idea today, saying she wouldn't be part of a witch hunt into the financial crisis. Doesn't seem like much of a hunt, Nancy, when you know exactly where to look.

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