The left - those wholly responsible for the subprime crisis - are complaining on every outlet that they "had a deal" that would have passed into law to allow the rescue of the financial industry but for the intercession of John McCain. But the devil is in the details. One of those details is that the left would have used this financial rescue operation as a form of massive public funding for progressive advocacy organizations.
The "deal" to fund the rescue operation of our financial sector that Barney Frank and Chris Dodd proposed would have transferred fully 20% of the proceeds returned from the rehabilitation of assets to the Housing Trust Fund - a slush fund the Dems use to fund "progressive organizations," and in particular ACORN, itself an organization that should be prosecuted under the RICO laws. In other words, Chris Dodd and Barney Frank would have further screwed our nation on a massive scale in order to fund a criminal organization dedicated to putting in power the people who created this fiscal catastrophe. If you are feeling homicidal about now, trust me when I say I suspect there is a lot of that going around at the moment.
I have been waiting for details to emerge of why the "deal" fell apart. I made the mistake of watching CNN last night rather than Fox and missed Sen. Lindsay Graham. He explained why this deal did not occur. Hot Air has the whole story. It is a must read.
ACORN is as a corrupt organization as there is or has been in American politics. Why and how it is still extant given its incredible history of vote fraud is a mystery to me. That said, the Dodd plan would involve a massive transfer of wealth to the HTF, the organization the left has used to funnel virtually all of ACORN's funding.
Any transfer of public funding to ACORN from this bailout would have nothing to do with rehabilitating mortgages or people under threat of foreclosure. It would have nothing to do rehabilitating the financial sector. It would have everything to do with funding vote fraud by the left. This is one for McCain and the right to both shout from the rooftops and fall on their sword over.
Prior Posts (oldest to newest)
1. McCain, The Fannie and Freddie Crisis, and Obamafuscation - Obama and the entire Democratic Party are trying to blame Republicans for the subprime crisis. But this crisis was created by Bill Clinton and protected against Republican efforts to reign it in over a decade – until it failed, nearly pulling out entire economic system into a depression.
2. A Washington Post Front Page Hack Job - The Washington Post does a hit job on McCain, grossly distorting his record on regulatory matters and ignoring his cosponsoring of legislation to establish much stronger regulation of Fannie Mae and Freddie Mac.
3. Dodging a Depression - The NYT and WSJ document just how serious is the subprime crisis. Quite literally it brought us to the point of a complete and catastrophic stoppage of our financial systems as institutions lost confidence in their fellow institutions. This was not a stock market crash, it was a lending and credit crash. The WSJ describes the events of the week leading up to the crisis point.
4. Obama & The "Family" Of Fannie Mae - Documenting Obama’s relationship to Fannie Mae.
5. The Origins – And Foreseeability – Of the Subprime Crisis - A 1999 article in the NYT describes the Clinton Administration forcing subprime loans onto America and also forecasts that this will create a house of cards that will fall apart in a down market.
6. Covering The Left’s Fannie - The NYT tries to play up old ties of a McCain campaign worker with Fannie Mae while minimizing the fact that McCain himself, in 2005, co-sponsored legislation that may well have prevented the fiscal crisis we are in now.
7. The Left’s Subprime Meltdown - A post by the Anchoress discusses this subprime crisis as a creation of the left and a system that was protected to the end by the left. She adds additional sites, quotes and links to explain the mosaic.
8. Fannie & Freddie, McCain & Obama, Subprime & Wall St.The WSJ discusses both how the subprime loan market came about and how Democrats, including Obama, were both the cause of the problem and the roadblock to a solution that would have averted this catastrophe. Dafydd at Big Lizard's explains how Mortgage Backed Securities worked on Wall Street.
9. A Doddering Fool & Charlatan - Chris Dodd is up to his ears in the subprime crisis. With our economy teetering on an actual depression due to the Fannie/Freddie/subprime loan crisis, it was not merely surreal to watch Senator Chris Dodd chair an emergency hearing of the Senate Banking Committee to evaluate the Treasury's proposed rescue plan, it was obscene.
10. Finally – Oversight - The FBI has finally announced criminal investigations at Fannie and Freddie.
11. When Will They File As A 527 – The NYT continues its wholly biased reporting on the subprime crisis, refusing to report on the genesis of the crisis and instead, reporting on the relationship between Fannie Mae and Rick Davis of McCain’s campaign team.
12. McCain The Chessmaster - Opining on the potential risks and rewards of McCain's decision to cancel campaigning, return to Washington to take part in negotiations over a response to the subprime crisis, and tentatively cancel the Friday debate.
13. The President Addresses The Nation - Bush explains the stakes involved for America with the subprime crisis.
14. McCain The Chessmaster Part II - McCain was responding to a 3 a.m. phone call in returning to Washington. He is given political cover and support by Bill Clinton.
15. A Spotlight On The Left's Subprime Crisis - A video summary of the origins of the subprime crisis with lots of footage of Rep. Barney Frank and others protecting Fannie Mae from regulation by the Bush Administration and McCain.
16. WaMu Swallowed Up In The Left's Subprime Swamp - Washington Mutual goes under because of toxic mortgage debt.
17. Great Moments In Leadership - Obama phones it in on the subprime crisis.
18. The "No Deal" - McCain Responds - The left is blaiming McCain for failure of a deal on the subprime crisis. McCain answers in a memo.
19. Dodd, ACORN, and the Penultimate Screwing of the Taxpayers - The left, the people responsible for the subprime crisis, proposed a deal that would have used the return on rehabilitated investments not for the benefit of taxpayers but to fund progressive advocacy organizations that are fundamentally corrupt.
20. Krauthammer On The Subprime Crisis: Time For A Return To Public Executions - America is livid over this fiscal crisis and wants a pound of flesh to satiate its cravings before beginning the job of putting our financial house back in order. Krauthammer things we should give it to them and suggests a return to the auto de fe, this time as a reality show.21. The Subprime Crisis, Dems, Obama & McCain - a great video giving the history of the subprime crisis.