Democrats Own This Economy!

In a strange way it’s somewhat amusing to watch Democrats and idiots, “terms not mutually exclusive” as they endeavor to rewrite history. It’s as if they have to, somehow, pin this financial tail, “and tale” on George Bush’s donkey or risk mental imbalance and a shift in the earths rotation.

I heard as much from a local, raving, idiot just this Monday morning. WMAY’s resident rabble rouser railed resoundingly about the financial meltdown and concluded in his usual pompous profundity that all of this countries fiduciary folly was foisted upon its populace by that rascally wabbit George Bush.

Since the bar on political commentary has been so lowered I feel more than qualified to respond and set the record straight; once and for all. Pencils down; eyes front.

There was a congealing of several policies that brought about financial ruin, from Wall Street to Main Street. First was the, “Community Reinvestment Act” of 1977. This was Jimmy Carter’s attempt at social engineering and home ownership for deadbeats. Fortunately; Carter was too busy destroying the economy and trying on sweaters to implement much beyond gas lines, the misery index and lusting in his heart.

Thankfully, Jimbo was a one term wonder so let’s never speak of him again. For the next twelve years the sky was blue, the birds sang and all was well with the world. Reagan, as did Kennedy, cut taxes and grew the economy while increasing revenues to the government. Life was good.

Enter Arkansas huckster Bill Clinton. Bill, “the stainer” let Janet Reno off her lease, dusted off Carter’s dusty act and went after the banks with a vengeance. With help from their willing thugs at, “ACORN” Clinton Inc. sued, threatened and cajoled lending institutions into giving home mortgages to drifters, derelicts and drug addicts; not to mention the all important illegal alien demographic, introducing into the American lexicon a shiny new term; “Sub-prime Loans”. Every hamburger flipper, busboy, shelf stocker and illegal with a pulse now qualified for a sub-prime loan and as many as 5 million illegal aliens took advantage of it in spades.

Two liberal bastions of refuge made this unholy lending possible; the evil twins that are Fannie and Freddie, along with the Federal Reserve, which, is in no way federal.
Lesson; cheap money will always find a home. As the Fed lowered interest rates to 1% in 2001, Freddie and Fannie ramped up the sub-prime market into high gear. Pets and livestock were getting loans for homes they would never be able to afford, not to mention every employee of the golden arches.
To facilitate even greater abuses, the evil twins began selling mortgage backed securities; financial paper whose worth was based on the illiquid assets of their diabolical deeds, pun intended.

Enter Wall Street; one of the greatest myths perpetrated upon the great unwashed is that those carnivorous Wall Street executives are dyed in the wool Conservatives who run over puppies and eat babies. Check their donors list, “I have” you’ll find a lot more “D’s” than you will “R’s”. Sorry to bust you’re bubble.
That’s right; and whodathunkit? Those corporate giants of wealth and mirth are liberals. And yes; they played a supporting role in the monetary debauchery. Hedge fund managers and investment banks bought perfidious paper from Freddie and Fannie, bundled it with other such deceitful instruments of mortgage backed bull; applied an algorithm wherein a computation of 6% growth was extrapolated into infinity, scammed those good folks at Moody’s and the S&P into granting a AAA rating, then sent the Armanti suits out to sell these, “AAA” rated bundles to the world.

Unfortunately; extra white teeth and Armanti suits spread like the plague and all was well until 2006; when the traditional growth in housing resumed to 1.5% annually.
It was then that these monetary paper products began to lose their luster. After all; 6% was simply a bubble produced by Freddie, Fannie, Wall Street, Armanti suits, the Fed and Barney Frank, “A.K.A. the banking queen”.
On that subject, lest we forget; it was George Bush who came to congress, “no less than twelve times” to ask for more strident restrictions on Freddie and Fannie. It was the Republicans who brought the insolvency of those twins to the attention of congress. By the way; just for the record, this “Republicans controlled congress” argument is a straw dog. The right never had the sixty votes necessary to conjoin the senate to any house resolution.
In 2007, when home prices actually fell, “think balloon popping” this house of cards came tumbling down.
The most common denominator in this fiasco is housing. And; when you think housing, think Democrat. It’s just that simple. Really, it is indisputable. The congressional tapes of the banking committee are on YouTube. When regulators warned Democrats of the impending doom at Fannie and Freddie the house Democrats attacked the regulators. There is no ambiguity. There is no wiggle room. Democrats own this meltdown and trust me; they will go to hell for it.
Conservative Springfield 17 FEB 09