Tuesday, January 6, 2009

• Democrat Responsibility For The Economic Crisis

On their road to domination of Congress and The White House, the Democrats clamorously and successfully, accused the Republicans of engineering the current economic crisis gripping the nation. Today Democrats control the country. Now what?

As dust settles on reality, the evidence of responsibility now points backwards in large degree to the Democrats, not just Republicans. At least to a much greater degree than the MSM ever pretended. The following piece of video shows segments that cannot be repudiated. Democrats were the biggest beneficiaries of Fannie Mae and Freddie Mac generosity, yet their leaders were at the frontlines of defense for those who were at the heart of the mortgage financing bubble. Democrats not only prevented oversight and restraint, they enthusiastically applauded the abuse.

One can put spin in the retelling of most events, however, the high culpability level of Democrats for the financial disaster that has been inflicted on the Nation is difficult to deny. For example, the words of the bombastic Barney Frank, the Harvard educated Democratic Attorney from Newton, Massachusetts, cannot be spun, twisted or camouflaged. As you watch the video on the following link, you might wonder why no one has asked Barney Frank or the Democrats to explain his unambiguously stated position. Don't get too hung up on the fact that the video is from Fox News archives. They didn't force Frank to fabricate the Democratic position.
YouTube Fox News Video - Barney Frank & Co.

Apologists for Mr. Frank, including the NYT, steadfastly refuse to assign him responsibility for a questionable lack of interest or awareness in organizations under his aegis, while they suggest he is the smartest guy in Congress, and that he has been bold enough to “take on” Paulson. Has everyone forgotten that Mr. Frank is Chairman of The House Financial Services Committee? I rather think that this is more substantiation of his capacity to outwit and out-shout his detractors. And he does it with such compassion.

Mr. Frank has proven the most gifted Congressional deflector. He very successfully diverted attention away from his and Ms. Pelosi’s negligence, and from the role of Democratic policies and tendencies in the creation of a social experiment in utopia where everyone with or without income would own a home. Of all people to whom Barak Obama now owes infinite gratitude for his Presidency, Barney Frank is at the top of that list. Mr. Frank should have a bedroom in the Obama White House named after him. Well, … at least for four years.

Republicans can take some heat for not having been more vocal, however, leadership out of the current economic quagmire is now squarely in the hands of those who fuelled the fire that destroyed value across all markets burning trillions of dollars. We will be witnessing Mr. Frank and his associates parade the SEC through an artificial inquisition, knowing nothing will come of the performance. Questions will be asked and answered with equally tempered determination, resulting in nothing. Retaliations will be minimal, nor will they serve the public good, and restitutions will be impossible. While Democrats have won control of the nation, their motives and their capacities to steer America out of the recession with diligent concern for taxpayer interests, are in serious doubt and will continue to remain so.

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