Monday, September 29, 2008

Nancy Pelosi Leads The Way To Defeat Of The Bailout (Updated)

The bomb-throwing Speaker of the House, Nancy Pelosi, has led the way to a failure of the bailout legislation in the House. Her speech today, blaming the supbrime crisis on Republicans, coupled with her failure to bring her own party in sufficient numbers to vote yes, has done the trick. Ninety-four members of her own party voted no. Republicans note that they thought they had 12 more votes in their own party until Nancy Pelosi - the leader of the party that owns the subprime crisis - blamed it all on Republicans. This woman is a clear and present danger to our nation.

I have written twenty-six posts on the origins of the subprime crisis, tracing it from . . .

the Clinton administrations regulatory changes to force the lowering of lending standards, to . . .

the Clinton Administration using the Community Reinvestment Act and Fannie/Freddie to drive an explosion of subprime lending, to . . .

Bush administration to reign in Freddie Mac begining in 2003 when the Enron style accounting scandal at Fannie Mae was exposed, to . . .

Democrats line in the sand defense against any tightening of standards or increased regulation, to . . .

Democrats, including Barney Frank, Chris Dodd, Chuck Schumer and Harry Reid, repeated denials that there was any danger in this subprime lending, to . . .

the failure in markets to adequately assess the risk of the subprime loans and related securities, to . . .

McCain's co-sponsor of legislation in 2005 to reign in Fannie and Freddie, warning of the dire consequences to our economy if it did not occur, to . . .

Sen. Chris Dodd and the Democrats killing of that legislation, to . . .

last summer, with Fannie and Freddie failing due to the subprime swamp, Sen. Dodd and Sen. Schumer wanted legislation to allow them to vastly expand their subprime holdings, hoping that would stabilize the market, to . . .

word now that Obama's time as a community organizer was spent assisting ACORN and other far left groups in their mission to force expansion of subprime lending in Chicago, to . . .

word now that the second largest recipient of campaign contributions from Fannie Mae was Obama.

With all of this in mind, see if yu can figure out why at least twelve Republicans who do not support this bailout legislation to begin with decided to cast a no vote after listening to this from Pelosi:

What needs to happen is every Republican House member needs to take the floor and find a microphone and start screaming about the subprime crisis from the rooftops. This is a crisis wholly created by the left's socialist intervention in the free market to begin with.

Other posts related to Subprime Crisis (from 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. 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.

22. Subprime Crisis: Spin versus C-Span - a video of 2004 hearings in which the House Democrats heaped scorn on the idea that Fannie Mae and Freddie Mac were a disaster waiting to happen and fighting tooth and nail to preven any further regulation of Fannie and Freddie.

23. Thomas Sowell On The Subprime Crisis & Proposed Bailout - Economist Thomas Sowell weighs in on the need for the proposed bailout to stabilize the market and the politics at the root of this fiscal crisis.

24. Resolution of the Initial Subprime Crisis - Time For Investigation - A first look at the draft legislation and an outline of what else needs to happen to resolve this crisis.

25. The Treasury Dept. - Anerica's Newest Subprime Lender - The legislation to solve the subprime crisis is only aimed at part in shoring up financial markets. A large part of the bill requires that the Treasury Dept. act as the subprime lender of last resort.

26. The Subprime Crisis, ACORN & Obama, The Community Organizer - Obama's time as a community organizer was very much involved with ACORN's efforts to force subprime lending upon the financial institutions in Chicago.


Anonymous said...

You are right on,Pelosi did a job on the republicans by her negative bipartisan conotations. She is a mouthy egotistical slug, that needs to be removed. I am a businesswoman and disgusted by her. Moxie

vinny said...

There is a good article in WSJ about Chilean bank problem comparison. I am actually pleased to hear that this bill failed. I feel the bailout plan as it is proposed will actually make our financial problems worse. Let the market sort this out.

Paul Gordon said...

Exploring the internet will acquaint you mostly with people bitch, bitch, bitching about the cost.

So far, I've not found ONE among those advocating "kill the bailout" that even attempts to go into the possible consequences of them getting their way.

If they are saying this is all over-hyped and inaction will not have serious consequences ("Mr. President, I'm not saying we wouldn't get our hair mussed. But I do say no more than ten to twenty million killed, tops. Uh, depending on the breaks." - George C. Scott in Dr, Strangelove), they need to make that case. So far, I haven't seen it.

If this truly is a crisis, then I see it as like being trapped in a burning house, but with access to water and a hose. In such a situation, that is a really lousy time for someone to get into a snit and deny access to the faucet because he's worried about the water bill.

vinny said...

If you decide to pour on this fire, you might want to make sure it is water and not gasoline.

Paul Gordon said...


I'm forced to agree with you.

Watching all of this, I was getting really scared, and wondering "What the hell are these spoiled children playing at?"
Hence, the outburst.

Some people have made the excellent point that "I'll believe this is a crisis when the people telling me so actually begin ACTING as if this is a crisis". And now, the House is taking a couple of days OFF?

I no longer know WHAT the hell to believe now.