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If you like to ladel blame for the financial mess
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This was posted earlier and got clipped
We get fucked every time a single party controls the congress and the whitehouse. You think you're being fucked now?
Just wait until the democrats start figuring out how they're going to pay for this fucking bail out, AND preserve all of their precious social programs.
By this time next year.............every American making more than minimum wage is going to take it up the ass like never before.
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How the Democrats Created the Financial Crisis: Kevin Hassett
Commentary by Kevin Hassett
"Kevin Hassett is senior fellow at the think tank American Enterprise Institute where he directs economic policy studies. He regularly appears on Bloomberg Television. He advised President Bush in his campaign, and he currently serves as a senior economic adviser to the John McCain 2008 presidential campaign."
Anything he claims as a fact in his article you want to argue as being a "lie"?
If not, it might come from a biased source, but that doesn't change integrity of the piece. I honestly doubt we would see any Dem supporters exposing these facts. Besides, they're too busy trying to dig up dirt on Sarah Palin.
Bias runs rampant on all sides of the media. But it's sure funny to watch you guys trying to pick up the arrows and shoot them back when the story comes from the other direction.
Slightly contradictory, no?
It is written by a biased person. Just like ALL of the crap you post links to. (There's no such thing as a complete absence of bias in humankind.)
Does the bias change the material facts presented? You wanna call anything he wrote a "LIE"?
What's that everyone has been saying about the individual buyers and personal responsibility?
Oh, but these are banks and they hold no responsibility for the loans they make? Is that what he is saying?
Op-ed's are always biased and not always based in fact, but based in opinion
News, while it may have a bias, is (supposed to be) based in fact.
Nevertheless, one has to consider the source in regards to its validity and bias.
i still would like to see it refuted. specifically where is it incorrect?
So you are not disputing the facts?
Yeah, it's not one guy, it's not any one party
There's a lot of blame to go around
"Back in 2005, Fannie and Freddie were, after years of dominating Washington, on the ropes. They were enmeshed in accounting scandals that led to turnover at the top. At one telling moment in late 2004, captured in an article by my American Enterprise Institute colleague Peter Wallison, the Securities and Exchange Comiission's chief accountant told disgraced Fannie Mae chief Franklin Raines that Fannie's position on the relevant accounting issue was not even ``on the page'' of allowable interpretations.
Then legislative momentum emerged for an attempt to create a ``world-class regulator'' that would oversee the pair more like banks, imposing strict requirements on their ability to take excessive risks. Politicians who previously had associated themselves proudly with the two accounting miscreants were less eager to be associated with them. The time was ripe.
Greenspan's Warning
The clear gravity of the situation pushed the legislation forward. Some might say the current mess couldn't be foreseen, yet in 2005 Alan Greenspan told Congress how urgent it was for it to act in the clearest possible terms: If Fannie and Freddie ``continue to grow, continue to have the low capital that they have, continue to engage in the dynamic hedging of their portfolios, which they need to do for interest rate risk aversion, they potentially create ever-growing potential systemic risk down the road,'' he said. ``We are placing the total financial system of the future at a substantial risk.''
What happened next was extraordinary. For the first time in history, a serious Fannie and Freddie reform bill was passed by the Senate Banking Committee. The bill gave a regulator power to crack down, and would have required the companies to eliminate their investments in risky assets.
Different World
If that bill had become law, then the world today would be different. In 2005, 2006 and 2007, a blizzard of terrible mortgage paper fluttered out of the Fannie and Freddie clouds, burying many of our oldest and most venerable institutions. Without their checkbooks keeping the market liquid and buying up excess supply, the market would likely have not existed.
But the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter.
That such a reckless political stand could have been taken by the Democrats was obscene even then. Wallison wrote at the time: ``It is a classic case of socializing the risk while privatizing the profit. The Democrats and the few Republicans who oppose portfolio limitations could not possibly do so if their constituents understood what they were doing.''
But, by all means, feel free to find problems in the facts.
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