I can't quite figure out why 90% of the reporters and analysts on television can't or won't ask the really tough questions.
Thank god Rick Santelli doesn't suffer from this disease. Santelli teed off on Rep. Paul Kanjorski’s (D-PA) claim that Democrats’ couldn’t reform Fannie & Freddie in their financial regulation bill because it was “too complicated.”
SANTELLI: “It’s too complicated? You think taxpayers that go to work to pay the money you are subsidizing, it will end up a half a trillion, do you think they think complicated is an excuse?”
Our Members of Congress and our President SERIOUSLY DON'T GET IT. Just read my next post immediately below (or click this link, if you as reading this as a single entry in my blog) to see the real consequences of their inaction.
Showing posts with label Housing Crisis. Show all posts
Showing posts with label Housing Crisis. Show all posts
Tuesday, May 11, 2010
Tuesday, September 30, 2008
A Failure of Leadership
Warren Buffett has called the current crisis an "Economic Pearl Harbor." But can you imagine what December 7, 1940 might have been like if we hadn't had the inspirational leadership of President Franklin Delano Roosevelt?
If today's crisis is the economic equivalent of Pearl Harbor, what is missing the leadership to rally and galvanize the American Public into action. As the American ship of state sinks into an economic cesspool, no captain has emerged to organize the crew to begin bailing out the water and turning the ship's weapons toward the fight.
Missing in action is President Bush. The worst kind of lame duck, Captain Bush was late to spot the economic mine fields and slow to steer the ship past the danger. It goes without saying that Bush is no Roosevelt.
But the two would-be Captains were even worse. Both abandoned ship and instead worked to organize the crew into competing water polo teams. Suddenly the object was not to save the ship, but to "win the game."
Obama's phone-it-in failure is especially bad. Not that the press or public is paying any critical attention to Obama, but he is doing what he always does, he is "voting present." Even in the heat of the House vote yesterday, Obama never ever endorsed the plan. In fact he has never admitted any support or opposition for the plan. He is completely invisible.
Obama's pathetic performance over the last week may well win him the election. but it should actually disqualify him from the office. The pubic and the press will long regret giving Obama a free pass in this election. You cannot vote "present" during the biggest economic crisis of our time.
On the other hand, McCain flopped and floundered like a wounded fish. At first he attempted to take on the role of leader. He flew to Washington and assume the role of Captain. Except he, too, refused to actually take a position on the bailout. His failed attempt at action came off as political grandstanding.
America really wanted a leader. McCain should have opposed the bailout. I believe that was his natural inclination. But he didn't. Yet he failed to actually rally enough house support to get the compromise bill passed.
The debate last Friday night was revealing. Moderator Jim Leher allowed Obama to skate completely by the issue with making any kind of commitment, but then pressed McCain repeatedly and forced him to commit his very weak and tentative support.
It was a test of leadership. Obama cut class and never took the test. He, instead went to the mall. McCain took the test, but failed.
It would be really remiss of me not to point out the biggest failure of leadership was the "worst Speaker of the House in American history." Pathetic. Once again Speaker Nancy Pelosi could have easily and simply engineered a landslide victory for the bill in the House. But, as I have often pointed out, Pelosi doesn't care about America or the people, she only cares about cheer leading the water polo game.
While some Republicans falsely blamed Pelosi's incredibly tone deaf speech on the House floor for "poisoning the vote" her real failure was in poisoning the entire process. She constantly marginalized Republicans and typically refused any effort at bipartisanship.
She falsely claimed to support the bailout, but never organized the Democrats or attempted to whip the vote. Virtually every Democrat Party leader in the House except Pelosi and Barney Frank voted against the bailout. And she demonized Republicans every second of the day. She demanded bipartisanship from Republicans but practiced none.
Any other Speaker of the House in our nation's history (and I mean any) could have easily passed the bill. Only Pelosi failed. She must be removed from her role in the House.
If today's crisis is the economic equivalent of Pearl Harbor, what is missing the leadership to rally and galvanize the American Public into action. As the American ship of state sinks into an economic cesspool, no captain has emerged to organize the crew to begin bailing out the water and turning the ship's weapons toward the fight.
Missing in action is President Bush. The worst kind of lame duck, Captain Bush was late to spot the economic mine fields and slow to steer the ship past the danger. It goes without saying that Bush is no Roosevelt.But the two would-be Captains were even worse. Both abandoned ship and instead worked to organize the crew into competing water polo teams. Suddenly the object was not to save the ship, but to "win the game."
Obama's phone-it-in failure is especially bad. Not that the press or public is paying any critical attention to Obama, but he is doing what he always does, he is "voting present." Even in the heat of the House vote yesterday, Obama never ever endorsed the plan. In fact he has never admitted any support or opposition for the plan. He is completely invisible.
Obama's pathetic performance over the last week may well win him the election. but it should actually disqualify him from the office. The pubic and the press will long regret giving Obama a free pass in this election. You cannot vote "present" during the biggest economic crisis of our time.
On the other hand, McCain flopped and floundered like a wounded fish. At first he attempted to take on the role of leader. He flew to Washington and assume the role of Captain. Except he, too, refused to actually take a position on the bailout. His failed attempt at action came off as political grandstanding.
America really wanted a leader. McCain should have opposed the bailout. I believe that was his natural inclination. But he didn't. Yet he failed to actually rally enough house support to get the compromise bill passed.
The debate last Friday night was revealing. Moderator Jim Leher allowed Obama to skate completely by the issue with making any kind of commitment, but then pressed McCain repeatedly and forced him to commit his very weak and tentative support.
It was a test of leadership. Obama cut class and never took the test. He, instead went to the mall. McCain took the test, but failed.
It would be really remiss of me not to point out the biggest failure of leadership was the "worst Speaker of the House in American history." Pathetic. Once again Speaker Nancy Pelosi could have easily and simply engineered a landslide victory for the bill in the House. But, as I have often pointed out, Pelosi doesn't care about America or the people, she only cares about cheer leading the water polo game.
While some Republicans falsely blamed Pelosi's incredibly tone deaf speech on the House floor for "poisoning the vote" her real failure was in poisoning the entire process. She constantly marginalized Republicans and typically refused any effort at bipartisanship.
She falsely claimed to support the bailout, but never organized the Democrats or attempted to whip the vote. Virtually every Democrat Party leader in the House except Pelosi and Barney Frank voted against the bailout. And she demonized Republicans every second of the day. She demanded bipartisanship from Republicans but practiced none.
Any other Speaker of the House in our nation's history (and I mean any) could have easily passed the bill. Only Pelosi failed. She must be removed from her role in the House.
Monday, September 22, 2008
Rewriting History
I watched Senator Chris Dodd (D-CT) on the news shows on Sunday. Long gone are the days of Tim Russert when reporters actually did their homework and did actual research. Tough questions were off the table. However, ample opportunity was given to Senator Dodd to blame everyone but himself for the current crisis.
Sadly, the bulk of the blame actually belongs at Senator Dodd's doorstep.
From THE NEW YORK TIMES, September 10, 2003:
WASHINGTON, Sept. 10 — A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates. ...
"The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises,'' Mr. Oxley said at the hearing. ''We have seen in recent months that mismanagement and questionable accounting practices went largely unnoticed by the Office of Federal Housing Enterprise Oversight,'' the independent agency that now regulates the companies.
"These irregularities, which have been going on for several years, should have been detected earlier by the regulator ..."
A bill was placed before Congress that would have implemented the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade earlier.
Guess who sounded that strong warnings about the impending crisis at Freddie Mac and Fannie Mae?
Sadly, the bulk of the blame actually belongs at Senator Dodd's doorstep.
From THE NEW YORK TIMES, September 10, 2003:
WASHINGTON, Sept. 10 — A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates. ...
"The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises,'' Mr. Oxley said at the hearing. ''We have seen in recent months that mismanagement and questionable accounting practices went largely unnoticed by the Office of Federal Housing Enterprise Oversight,'' the independent agency that now regulates the companies.
"These irregularities, which have been going on for several years, should have been detected earlier by the regulator ..."
A bill was placed before Congress that would have implemented the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade earlier.
Guess who sounded that strong warnings about the impending crisis at Freddie Mac and Fannie Mae?
Guess who proposed the bill to increase strong REGULATION of the Housing Industry?
President George Bush and the Bush Administration!
And guess who fought it all the way?
The Bill was opposed and eventually blocked by none other than Senator Chris Dodd!
The Bill was opposed and eventually blocked by none other than Senator Chris Dodd!
Dodd was completely in the pocket of Freddie Mac and Fannie Mae and Countrywide Finanace Co. Dodd was (and still is) the largest recipient of campaign contributions from the now failed housing lenders. We're talking hundreds of thousand dollars.
The New York Times news story from 2003 continues.....
''There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.
The New York Times news story from 2003 continues.....
''There is a general recognition that the supervisory system for housing-related government-sponsored enterprises neither has the tools, nor the stature, to deal effectively with the current size, complexity and importance of these enterprises,'' Treasury Secretary John W. Snow told the House Financial Services Committee in an appearance with Housing Secretary Mel Martinez, who also backed the plan.
After the hearing, Representative Michael G. Oxley (R), chairman of the Financial Services Committee, and Senator Richard Shelby (R), chairman of the Senate Banking Committee, announced their intention to draft legislation based on the administration's proposal. Industry executives said Congress could complete action on legislation before leaving for recess in the fall.
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the [Bush Administration} 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 more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
President Bush's strong regulatory proposals died in the Senate with Senator Chris Dodd leading the effort to block any regulations or protection for the American Taxpayer.
I just love it when history gets completely rewritten.
"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 more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."
President Bush's strong regulatory proposals died in the Senate with Senator Chris Dodd leading the effort to block any regulations or protection for the American Taxpayer.
I just love it when history gets completely rewritten.
********
A grateful tip o' the Wizard's Pointy Cap goes to Wiz-ziW for pointing me to this story and providing documentation.
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