Deregulation disaster supported by McCain
We are suffering the most severe economic crisis since the Great Depression. People are losing their jobs, their homes and their retirement savings. How could this have happened? This fiasco is the culmination of a quarter-century of Republican, Reaganesque deregulation which dismantled the protections established by the New Deal.
During his 25 years in Congress, John McCain has endorsed this dangerous policy. McCain brags about being a deregulator. He believes Social Security should be privatized. His economic plan was devised by Phil Gramm, the former senator responsible for the deregulation of commodities markets and investment banks that caused this crisis. The taxpayers must now pay the bill for Republican recklessness. Ironically, the party that rages against universal health care as socialized medicine has socialized trillions of dollars of private corporate debt. McCain claims that we can trust him to solve the crisis he and his party created, but the country cannot take a chance on another Republican.
We need Barack Obama. He believes in protecting the people, not corporations and CEOs. He will provide the vision and leadership required during this time of crisis.
Lee Baker
Greensboro
Comments (7)
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Democrats are complicit in the debacle. Apparently more so than Republicans.
Posted on October 1, 2008 6:59 AM
Lee Baker: "McCain brags about being a deregulator . . . His economic plan was devised by Phil Gramm, the former senator responsible for the deregulation of commodities markets and investment banks that caused this crisis."
The letter writer is referring to (quoting wikipedia): "The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act . . . which repealed part of the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services."
A letter yesterday in the Raleigh paper by William Everett of Cary, NC, tells "the rest of the story". Excerpting:
"...The 1999 Financial Services Modernization Act, passed by a 90-8 Senate vote ...
"Sens. Chris Dodd (D-Conn.) and Chuck Shumer (D-N.Y.) were noted to be boosters of this legislation. This argument inferring that the Financial Services Modernization Act is the cause of the current financial crisis is a 'red herring.' The real legislative culprit is the 1977 Community Reinvestment Act as strengthened by the Clinton administration in 1995. This legislation pressured loan institutions to provide loans to low-income citizens."
Posted on October 1, 2008 7:00 AM
These are some Democrats who fought AGAINST more regulation for Fannie Mae and Freddie Mac in 2004.
Democrat Maxine Waters, Democrat. Greggory Meeks, Democrat Lacy Clay, Democrat Arthur Davis, Democrat Barney Frank
Here are some of the Republicans who fought for MORE regulation for Fannie and Freddie at the same hearing in 2004
Republican Richard Baker, Republican Ed Royce, Republican Christopher Shay, Repulican Don Manzullo.
Bill Clinton also said it was the RESPONSIBILITY of the democrats to resist any efforts by the Republicans to put more standards and oversight on Fannie and Freddie.
Don't believe me? Listen for yourselves the words directly from the above listed people at
http://www.americanthinker.com/blog/2008/09/memory_lane_lynching_franklin.html
You will also hear from Republicans who was FIGHTING for MORE regulation.
THIS SIGHT IS ABOUT 9 MIN. LONG. PLEASE EVERYONE LISTEN TO IT.
Words do mean something. And these words are straight from the ones who said them.
How Barney Frank and Nancy Polosi can lie and try to blame this on the Republicans is beyond reason. But sound reasoning has never been the democrats
Posted on October 1, 2008 7:31 PM
It'd be more credible if it wasn't so edited.
Posted on October 1, 2008 8:01 PM
Come on rahrah. Is that the best you can come up with... it was edited?
How can you edit quotes like Maxine Waters saying "Mr. Chairman, we do not have a crisis at Freddie Mac and in particular at Fannie Mae where under the OUTSTANDING leadership of Mr Frank Raines"
How do you misquote Greggory Meeks saying "There's been nothing indicated that was wrong with Fannie Mae and Freddie Mac"
How do you edit a quote from Lacy Clay when he said "This hearing is about the political lynching of Franklin Raines" the head of Fannie Mae.
How about Barney Frank saying "I see nothing in this report that raises safety or soundness problems".
I know the democrats are the masters when it comes to editing, but come on, even you libs can say these quotes are out of context.
It is obvious the Democrats are responsible for this mess. But yet they and the liberal media will lie to try to make everyone believe it was the Republicans fault. WHAT A BUNCH OF LIERS.
Posted on October 1, 2008 8:57 PM
Funny it has gotten very quite on this blog since I posted the link to a site that proves the democrats fought against more regulation for Fannie and Freddie.
Here's another link that you libs will love.
http://www.youtube.com/watch?v=VgctSIL8Lhs
Posted on October 1, 2008 9:26 PM
You probably won't read this again.
But, it would be more credible if I had the context. Sure they said what they said, but it'd be better if I could see the whole proceedings, what was before and after the clips shown.
Posted on October 2, 2008 4:41 AM