Thursday, September 25, 2008

Blow it Out Your Fannie

I know, I know, everyone is pretty tired of hearing about this whole "financial crisis" issue. But I have a few things I want t to rant about and as long as Barry isn't in office and it's still a free country I will rant away.

This whole disaster was completely spurred by the down right criminal quasi governmental firms known as Fannie Mae and Freddy Mac. These great little gems of housing hell have been ran by thieves and what's even worse, supported by them. For anyone who doesn't know, these firms were totally in the tank for the Democratic elite. For years Republicans have been yelling for SOME kind of over sight of these companies. John Mccain in particular has been warning of impending disasters since 2000. He co-sponsored the Housing Reform Act in 2005 and again warned us all, obviously to no avail. Interestingly the roles were reversed for a time. Republicans saw the corruption for what it was and had to insist in regulation that was reasonable. The Democrat's however did not want their campaign piggy banks raided and stood in the way of this process consistently.

Now today who do you think are the one's out there screaming how the "low down private firms of capitalism" are screwing Americans? You guessed it, the Blame Party, and capitalism remains the target. What's so infuriating is the fact that Barney Frank and Chris Dodd have the audacity to be the first one's pretending to be so upset over this situation. When together they ran and supported the very firms that they are now railing against. When John Mccain was yelling for reform Barney Frank was yelling back "everything is just fine." When the Housing Reform Act was on the floor Chris Dodd interfered as he stuffed his pockets with Fannie contributions. Now while Chris Dodd took the most amount of money from Fannie who was second in line? Why the Messiah, the Savior, the chosen one, Lord Obama of course.

Do people really believe this schmuck? Do they really believe him when he is now trying to take CREDIT for "blowing the whistle" on the corruption of Fannie Mae? I mean are you kidding me? This guy wasn't even around when Mccain was pushing for reform, never mind "blowing any whistles." The words "Housing Corruption" didn't even come out of his mouth until early this year for god sake! Why would Obama ask to police a firm that is lining his pockets second only to the honorable Dodd? If you were wondering that isn't the only thing that is blowing my mind. Why Mccain is not jumping all over this issue and pointing the source directly at Obama and his cronies is beyond me. Tell people how Franklin Raines, the head of Fannie Mae and a CRIMINAL is ADVISING Obama on "housing and mortgage issues." Just adding to the fine list of mentors that Obama has surrounded himself with.

This whole fiasco has done nothing but give the Socialist revolution more perverted ammunition to shoot down capitalism. Day after day we hear insistent brain dead Dem's tell us that this is the result of free markets run a muck. BS, this is SOCIALISM run a muck, lack of regulation was only the tip of the ice burg. The true cause of this whole entire disaster, from corrupt CEO's to delinquent loan practices is the implementation of Socialist policies by a Socialist congress. FORCING lenders by threat of penalty to lend to UNQUALIFIED applicants is the true culprit. This whole theory that a house is some how a right disgusts me and disgusts everyone that ever actually worked for one. It's called working, a concept that escapes the left (see my Work Ethic piece). Let's not blame the free market for problems solely created by Socialist methodology.

The Free Market Alternative to the Bailout

With the first preposterous bailout plan presented by Henry Paulson with a $700 billion price tag I had become even more frustrated. It has put fiscal conservatives in a very unique bind. On one hand the very idea of a bailout goes against everything we believe, and on the other it seemed sadly necessary to avoid widespread economic disaster. I had been depressed about the whole thing until I heard about a new idea that was much more to my liking. This alternative plan was to use the free market variables to cushion the blow to Wall St. Not only does this plan come with a smaller price tag, but it doesn't put the bulk of the burden on the tax payer. To summarize this complicated plan it is basically a helping hand, not a hand out. The government will purchase distressed mortgage backed securities in order to sell them at a profit later on. In addition Republican congressmen have proposed an incentive for firms to hold on to the frozen assets by offering FDIC backing. The hope is to inspire more private investment into the market so that it can bounce back on it's own without sticking us with the bill. This idea is something I can get on board with, so of coarse the Dem's will try to shoot it down.

I'm Drew D. and that's the truth.

1 comment:

ash said...