Friday, October 3, 2008

Finally - Republican Ad Goes On The Offensive Over The Subprime Mess

Democrats own the subprime crisis. Their talking point is simple - the economic problems we face are due to the "Bush economy." If that complete rewrite of history sticks, then Republicans lose the election. Neither McCain in his first debate nor Palin last night did anything to rebut the rewrite. Finally, the ad below from the NRCC starts to get out the message.

Prior posts on subprime crisis (newest to oldest):

28. WSJ & Bill Clinton On Deregulation, Glass-Steagall & The Subrpime Crisis – The WSJ, with some help from Bill Clinton, debunks the canard that deregulation, as opposed to the massive push into subprime lending, was the cause of the subrpime crisis.

27. Barney Frank In Bed With Fannie Mae – Barney Frank was pushing us into subprime loans for "affordable housing" and protecting Fannie Mae from tightened regulation even as he was involved in a long relationship with Fannie exec Herb Moses.

26. McCain, Subprime Crisis, SEC & Suspension Of Mark To Market – McCain had been calling for suspension of mark to market accounting rules for months because it would greatly exacerbate a fiscal crisis. He was right. The SEC has now partially suspended the rule.

25. Obama, ACORN & The Subprime Crisis – Video of Stanley Kurtz discussing how Obama, through ACORN, was involved as a community organizer and then a lawyer in pushing Chicago banks into the subprime market.

24. Pelosi’s Cover-Up – Speaker Nancy Pelosi has announced she will not allow hearings into the origins of the subprime crisis.

23. Chris Dodd, Barney Frank & The Subprime Crisis – video from Fox News discussing the responsibility of Sen. Chris Dodd and Rep. Barney Frank for the subprime crisis.

22. Wall St., Credit Default Swaps, Glass Steagall, The Subprime Crisis . . . & Black Tuesday – A former Wall St. trader weighs in on the subprime crisis from a Wall St. perspective.

21. The History of the Left’s Subprime Crisis – Roger Kimball at PJM traces the history of the subprime crisis.

20. 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.

19. 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.

18. 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.

17. 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.

16. 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.

15. The Subprime Crisis, Dems, Obama & McCain - a great video giving the history of the subprime crisis.

14. 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.

13. 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.

12. WaMu Swallowed Up In The Left's Subprime Swamp - Washington Mutual goes under because of toxic mortgage debt.

11. 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.

10. 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.

9. The President Addresses The Nation - Bush explains the stakes involved for America with the subprime crisis.

8. Finally – Oversight - The FBI has finally announced criminal investigations at Fannie and Freddie.

7. 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.

6. 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.

5. 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.

4. 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.

3. Obama & The "Family" Of Fannie Mae - Documenting Obama’s relationship to Fannie Mae.

2. 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.

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.


Paul Gordon said...

I see this constant litany about McCain: "Why doesn't he say this?", "When will he take the gloves off?", etc.

Maybe timing's got everything to do with that.

1) If he truly believed that the bailout, however odious, was necessary, he might hold some fire until AFTER it was passed.

2) If he has some good ammunition, expending it too early is a bad idea because as election day approaches, it becomes forgotten (buried under a lot that has occurred since) and is no longer of any use.

Remember, he was a bomber pilot (that neat little A-4 he flew may look like a fighter, but a bomber was what it actually was) and he probably thinks the time to unload ordnance is on reaching the aim point of the target.

Still 32 days to go. Have faith. This ain't over yet. Not by a long shot.

Dinah Lord said...

From your lips to God's ears, Mr. Paul Gordon!

I too, have a theory about McCain's inexplicable campaign behavior to date. One example of that can be found in his early call for the head of SEC chairman Chris Cox - a move that was roundly criticized at the time.

Well, after learning how Chris Cox completely gutted the net capital requirement for the investment banks and in viewing the chaos that has ensued as a result, I'm thinking it was a stroke of genius.

It also points to a well thought out, deliberative plan of attack on his part. Or at least I hope so!

Your thinking about McCain bolsters that hope.

If you aren't familiar with the net capital requirement issue (and how the SEC really screwed the pooch on this one) you can read more here, if interested.

And GW - My worry is that the message the McCain camp needs to get out is too complicated to combat the Dems simplistic, effective and ever so frustrating battlecry:

Republicans = Deregulation = Responsibility for the whole mess.

Paul Gordon said...


I have no idea how good McCain's strategy is, but I DO have faith that he has one, and that it is based on the fact that whatever polls may say now, it is the poll on Nov 4th that really matters.

Bottom line, now matter WHAT the polls say between now and then, for God's sake do not give up. Go and vote anyway!

I still remember the 1980 election, hearing ON ELECTION DAY "Too close to call", and dreading the possibility of another 4 years of the peanut. And then, after that agony of worry, to watch the tidal wave for Reagan sweeping in.

Again, don't lose faith. That is precisely what a lot of these polls are commissioned for and weighted to accomplish; to discourage us so we just give up and stay home.

Well, sorry democrats! We've consistently had a better record of actually showing up and voting than you have, and that will be the case here.

Have a nice day.

vinny said...

Wishful thinking Dinah and Paul. Most likely explanation is that McCain is out of touch with reality. The entire republican campaign is centered on several lucid moments McCain had during the last 10 years. During the primaries, most republicans voted for the other candidates and with good reason.