At first opportunity, Michele Bachmann spoke the truth. There's no other correct answer to the question "Why?", to explain our economic meltdown, other than pointing to the decades of Democrats who used the Federal Government to intervene in our financial well-being for to advance their moving-ever-further LEFT ideology.
From Suntimes (where there is a complete transcript)...
TUMULTY: Congresswoman Bachmann, three years after the financial meltdown, Main Street continues to suffer. People have lost their jobs, they've lost their homes, they've lost their faith in the future. But Wall Street is thriving. The banks not only got bailed out by the government, they have made huge profits, they've paid themselves huge bonuses.
Do you think it's right that no Wall Street executives have gone to jail for the damage they did to the economy?
BACHMANN: I think if you look at the problem with the economic meltdown, you can trace it right back to the federal government, because it was the federal government that demanded that banks and mortgage companies lower platinum level lending standards to new lows.
TUMULTY: But the federal government has also deregulated them.
BACHMANN: It was the federal government that pushed the subprime loans. It was the federal government that pushed the Community Reinvestment Act. It was Congressman Barney Frank and also Senator Chris Dodd that continued to push government-directed housing goals.
They pushed the banks to meet these rules. And if banks failed to meet those rules, then the federal government said we won't let you merge, we won't let you grow.
There's a real problem, and it began with the federal government, and it began with Freddie and Fannie. If you look at these secondary mortgage companies which the federal government is essentially backing 100 percent, they put American mortgages in a very difficult place.
We had artificially low interest rates, Freddie and Fannie were the center of the universe on the mortgage meltdown, and we had lending standards lowered for the first time in American history. The fault goes back to the federal government, and that's what's wrong with Dodd- Frank.
Dodd-Frank institutionalized all of these problems that were put into effect by the federal government. That's why I introduced the bill to repeal Dodd-Frank. It's the Jobs and Housing Destruction Act.
Here that, #OWS? If anyone should be frog-marched to prison for causing the financial collapse, it should be Democrats Barney Frank and Chris Dodd, firstly. Because of their Leftist ideology, they put together and sustained programs that've all but destroyed the financial sector of this Republic.
It was Democrat's 'helpful' but heavy-handed pushing of socialism, the creation of laws that caused the meltdown: specifically, the jaded practice of give-'em-feel-goods-for-power-and-votes Community Reinvestment Act (thanks! Jimmy Carter, ramped up by Bill Clinton after being largely ignored by Ronald Reagan and Bush I) for the specific purpose of garnering votes from their Gimme stuff NOW! constituency. Add ACORN and other 'Community Organizers', and you've got yourself a powerful political machine that advanced this faulty ideology at the expense of our very future.
A slick swap, America's future sold out so Democrats could keep political power, feeding on emo-envy that was stoked (and continues to be stoked) by Democrats who 'Community Organize'. Barack Obama, you listening? Keep up that 'class warfare' now, you hear?
If Michele Bachmann, or any Team R player, could just get this message out there to the mush heads...
No comments:
Post a Comment