Originally Posted by cabo35

Background.

Some posters have been mildly prodded for expressing some of their passionate political views on TOTV. I understand but don't totally agree that it is a bad thing. I believe that many TOTV positions are intransient and not likely to be swayed one way or the other, accordingly, political motivations are doubtful. However, I do see a positive aspect of "ranting" and "railing" and "yadda yadda" as concerns the cathartic purging of anger and disdain at government's inability to do the people's work. I actually enjoy the challenges that some antagonists offer. Those that do not, have the option not to participate. I have also learned much from those who offered opinions inconsistent with my own and I thank them for that. In truth, but not to loudly, I don't want to encourge them, they actually swayed me on some well articulated points. So don't count me with those timid soles that follow the herd, tone down the passion and opt for the lofty, boring, intellectual rhetoric of the elite. To the point.

Fingerpointing.

I agree in part that concerning today's economic crisis, we need to stop the fingerpointing and work on solutions. As noble and commendable as that sounds, I sometimes think it is a diversion by some, to take the focus off the facts. Many partisans would like nothing better. The reason I digress to the "fingerpointing" is simple. The same politicians who can be identified as complicit in creating the problem are the same ones who now claim their going to fix it. That's like sending the Jesse James gang back into the bank to find out who robbed it. It makes fingerpointing fair game from my perspective. I choose not to take my eye off ball and the source of the problem until the criminals in Congress who created the meltdown are removed from the ranks of those who are investigating the failures and working on solutions. I might add that the Democrats do not hold a monopoly on blame for the crisis. There are plenty of Republicans up to their $500.00 neckties as well. The facts are what they are. Soooo, here it is again:

NY Times - 2003

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken.

The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session

Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee.

The Democrats were successful in blocking Bush.

Please read the whole story here.

http://query.nytimes.com/gst/fullpag...gewanted=print

The four highest rewarded beneficiaries of Fannie Mae Freddy Mac political generosity were.

1. Dodd, Christopher J
S
D-CT
$133,900

2. Kerry, John
S
D-MA
$111,000

3. Obama, Barack
S
D-IL
$105,849

4. Clinton, Hillary
S
D-NY
$75,550

The entire list that also includes Nancy Pelosi and some Republicans can be found at:

http://www.opensecrets.org/news/2008...-of-fanni.html

Bush tried for reform in 2003 and was blocked. The reform that would have substantially mitigated the "meltdown" never happened.


P.S. In case you were wondering about Open Secrets

http://en.wikipedia.org/wiki/OpenSecrets.org

Kahuna, I would love to hear your point of view on the Times article. Your banking background would lend an insightful perspective. -----------------------------------------------------------------------------
Last edited by cabo35; 09-17-2008 at 08:06 AM.