The following may not prove to be one of my better-written commentaries, for two reasons: (1) just as it’s never a good idea to go grocery shopping when hungry, it’s never a good idea to write about a subject while in the heat of passion, and (2) I am spitting nails right now, and I suspect that a stray nail may hit my keyboard and result in the typing of some words that I am not accustomed to typing.
At the risk of sounding simplistic (see the three much more in-depth essays immediately below this one for significantly more detail), the major causes of this economic disaster – or at least the portion of it that relates to the mortgage crisis – are (1) the power of special interest groups who pressured their 'friends in congress' to pressure the banks and mortgage companies to lower their underwriting standards so that lower income groups and minorities could afford homes of their own, no matter their ability to make their monthly payments, (2) the unbridled power/corruption in congress that allowed them to pressure banks and mortgage companies to do as their special interest lobbies wanted in that regard, and (3) the money handlers who began placing more emphasis on making a quick personal buck than they did on earning the trust of their clients.
I voted for President Bush twice. With that said, I now believe he is a complete sellout.
In his attempt to explain the causes of this crisis, he insinuated that it all started because America’s economy was considered so brilliant that it attracted investors from all over the world. As a result, banks and financial institutions were awash in money, and that state of affairs planted the seed for this debacle. (*choke*)
That is the greatest whitewash of the reasons for this catastrophe (see paragraph two above) imaginable. Either President Bush is a complete moron and he believes that tripe, or he is the most blatant liar since Gepetto’s son walked off the woodcarver’s bench.
After the President’s speech, and after I stopped spitting nails, my husband and I watched Brit Hume and his panel on FoxNews offer up a brief analysis.
Charles Krauthammer, who is among my favorite political pundits, opined that the speech was quite good, and that he was surprised that the President spent virtually one-fifth of it attempting to explain the causes of the current crisis – since, in Krauthammer’s opinion, doing so amounts to simply an ‘academic exercise’.
An ‘academic exercise’? To discern what caused this major economic meltdown? Shall we just accept the notion that too much ‘foreign money’ floating around in American banks was the catalyst?
And if we don't uncover the reason for this crisis, and determine who was responsible for it, will there be any reform? Or, post-bailout, will the perpetrators eventually continue with business-as-usual? Anyone who has an even rudimentary knowledge of government at any level has the answer to that question at his fingertips.
Come on! The corruption, and the power of special interest groups, in Washington D.C. is so deeply entrenched that even the President doesn’t dare expose the real reasons behind a crisis for which the American taxpayer will be footing the bill for decades.
God help us. Our ‘leaders’ have completely lost the concept of ‘public service’. And forget about ‘truth’. It has become a ‘situational’ concept.
Our media have lost the concept of ‘factual information’.
Our citizenry had better awaken to the depth of the corruption in Washington D.C., or the most moral and prosperous civilization in the history of mankind will find itself relegated to the dustbin of history because its people were to darn lazy to fight for their individual liberty, to recognize and seek to excise corruption, and to demand that they be allowed to keep the fruits of their labor.
Two semi-related observations before I close up shop, grab my toothbrush and attempt to remove the rusty nail residue from my teeth:
(1) Why is it that McCain/Palin are sliding in the polls as a result of this financial crisis, when Barack Obama did significantly more (understatement of the century) to bring it about than did his opponents (see 'The Master of Deceit and Phony Outrage')?
And why is John McCain’s speech before the Senate in 2006, warning us of an impending crisis if Freddie Mac and Fannie Mae were not reined in, being righteously ignored by the mainstream media?
For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay. I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole. I urge my colleagues to support swift action on this GSE reform legislation.
The democrats killed this measure in committee preventing the full senate vote.
(2) Why am I consistently hearing analyses of the possible effects of the race issue in this election, with complete focus on that issue possibly harming the Obama candidacy? I have heard poll reports that supposedly show that up to six percent of white Americans claim they may have difficulty voting for a black. Yet, during these reports on the unfairness of racism in voting, I have not once heard mentioned the fact that 90+% of blacks openly admit that they will vote for Obama. Is that unprecedented, overwhelming majority the result of his superb presidential credentials?