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“ The buck stops here” Pres. Harry Truman
The House of Representatives is taking up discussions today on the Wall Street bailout legislation, if Speaker Pelosi can muster the bipartisan vote support before bringing the matter to the floor.
What I have noticed through the last few weeks, although it is nothing new, particularly in politics, is that we have this constant blame game going on. Much of it is posturing for the cameras and for the constituents. However, at some point, the blame needs to cease and the resolution of the problem being discussed needs to get handled.
Let’s briefly look at the economic crisis that has evolved as a result of the mortgage fallout, particularly throu Fannie Mae and Freddie Mac. Pres. George W. Bush, as the sitting President, is automatically the person who is assigned the blame. In military standards, the Commander on the watch assumes the responsibility. That being said, it is extremely easy to blame the lame duck President in the waning days of his administration.
The reality of this crisis is that it started more than a decade ago, under the Clinton administration, and at the urging of community leaders like Barack Obama of Chicago through organizations like ACORN, mortgage lenders along with Fannie Mae and Freddie Mac began lowering credit driteria in an effort to put more Americans into homeownership–> the American dream!!
The dream has become a nightmare, primarily because of GREED. The subprime mortgage industry boomed, and Wall Street packaged these mortgages into “mortgage backed” securities that they could sell. Like any “hosue of cards”, the pyramid eventually loses its bottom, and everything falls.
Now, for those who think that this bailout package is to aid Main Street America, or simply Wall Street, think again. Check into the words and warning of Sen. Demint, Congressman Brad Sherman of California or Rep, Kucinich of Ohio, and you will understand why foriegn investors are a part of this bailout package: CHINA does not want to be like Main Street investors, who win some, lose some. The Chinese want to be reimbursed for their investment in these toxic securities, and to that extent, they are waging economic warfare with the United States, refusing to do more investment or lending, etc., until the U.S. Government takes responsibility for the mortgage crisis and subsequent financial market losses.
Democrats and Republicans can blame each other if they so desire. There is enough film footage floating through the internet to attribute blame to everyone. Instead of pointing fingers while avoiding accepting responsibility, our elected officials need to listen to the best economic experts and do what is necessary to make sure that the American public is never in this position again, and instead of bailing Wall Street out, give us a working plan on our economy, and not one that is to the benefit of those who gambled and lost!
With the markets reacting wildly, Speaker of the House Nancy Pelosi was unable to muster the necessary votes in the House of Representatives to pass the bailout legislation and send it on to the Senate.
Democrats involved in the weekend’s negotiations are scrambling to assess the damage that will be done by this failure, both in the economic sense as well as the political. It is important to remember the EVERY member of the House of Representatives is up for re-election on November 4th.
As reported earlier, Democrats like Rep. Dennis Kucinich (D-Oh) were very angered by this legislation. Kucinich quipped several times yesterday, both on the floor and to the press, that he did not come to Washington to “be on the Board of Directors of Goldman Sachs” or Wall Street.
Now the strong-arming and backroom deals will once again commence, as a means of trying to persuade those Republicans and Democrats who voted in opposition to the bailout to reconsider if the legislation is procedurally renewed.
Looks like its going to be a long night!