Remember the old saying, “That’s like the pot calling the kettle black”?
Well, you have outraged and falsely sanctimonious Democrats demagoging about the evils of Wall Street and BP (British Petroleum) but yet they are the one with their hands in the cookie jar.
Subprime Scandal: Democrats blame “greedy” Wall Street for the financial crisis, but Democratic operatives lined their own pockets throughout the mess.
Take Democrat Sen. Chris Dodd. The Senate Banking Committee chairman recently blew a gasket on the Senate floor over GOP opposition to his tougher financial regulations.
“You have to ask yourself: ‘Who benefits if this bill to rein in Wall Street or large financial institutions is strangled by a filibuster?'” he said. “Certainly no one can make the case that the American family would benefit. These families have seen millions of jobs lost, trillions in savings wiped out, because of the greedy few on Wall Street who gambled with money that didn’t even belong to them.”
But Dodd was one of the power brokers who played fast and loose with taxpayer-backed money at Fannie Mae and Freddie Mac.
As late as July 2008, as the congressionally chartered mortgage giants buckled under the weight of HUD-mandated subprime loans, the banking panel chief insisted they were “viable, strong institutions.” Dodd asserted that there was no need to rein in their risky affordable-lending programs.
By suspending oversight, Dodd helped gamble away more than $400 billion — the current estimate of how much it will cost the Treasury to bail out Fannie and Freddie.
At the same time, Dodd personally took advantage of the easy credit scam that he and his affordable-housing cronies fostered. He received not one, but two sweetheart mortgages from subprime giant Countrywide Financial, which at the time was the darling of the affordable-housing movement. Points were shaved from the loans, and Dodd saved thousands of dollars.
Fannie CEO Franklin Raines also got special treatment from Countrywide, which became Fannie’s top client. Democrat Raines, who griped that homeownership was “unevenly distributed in society,” even held it up as the model for affordable lending.
After stepping down as White House budget director, Clinton installed him at the helm of Fannie where he proceeded to cook the books and pocket huge bonuses. By the time he left in early 2005 under an ethical cloud, Raines had looted Fannie for nearly $100 million in compensation. Other Clinton cronies padded their pockets with sums that make some Wall Street CEOs look like pikers.
Raines is now an informal housing adviser to President Obama. Obama maintains that “fat cat bankers” caused the mortgage meltdown. But it was HUD that encouraged Fannie and Freddie to take “reckless risks” to satisfy affirmative-lending quotas. And Democrats on the Hill looked the other way.
Dodd and others abdicated their oversight duties. In effect, they gave the mortgage giants a blank check and told them to make it out to uncreditworthy minority and low-income homebuyers, who could not afford to repay loans.
As long as Fannie and Freddie kept underwriting politically correct mortgages, Democrats turned a blind eye to the mounting risk. And they also ignored the book-cooking and looting going on there.
In turn, Fannie and Freddie paid them protection money in the form of generous political donations. In fact, Dodd and Obama were among the top recipients of their largesse in the Senate.
Then there is White House Chief of Staff Rahm Emanuel, an old Chicago crony of Obama. In 2000, after serving as a top White House aide, President Clinton appointed Emanuel to the Freddie Mac board, where he raked in a cool $320,000 in compensation.
Following his stint there, Emanuel hauled in millions of dollars working for a Chicago investment firm that backed — you guessed it — subprime mortgage lending firms.
Before demonizing greedy bankers on Wall Street, Democrats in Washington ought to take a long, hard look in the mirror. (IBD)
BP: Washington (CNN) — As petroleum giant BP comes under congressional scrutiny as its ruptured oil rig pumps thousands of barrels of oil into the Gulf of Mexico, its political contributions are being scrutinized, too.
The top recipient of BP-related donations during the 2008 presidential election was Barack Obama, who collected $71,000, according to the nonpartisan Center for Responsive Politics.
When questioned about the donations Wednesday, White House Press Secretary Robert Gibbs made a point of noting that the money came from employees and not the company itself.
White House spokesman Ben LaBolt added that Obama wasn’t tied to big oil companies.
“This claim lacks one thing: credibility,” LaBolt said in a statement. “President Obama didn’t accept a dime from corporate PACs or federal lobbyists during his presidential campaign. He raised $750 million from nearly 4 million Americans. And since he became President, he rolled back tax breaks and giveaways for the oil and gas industry, spearheaded a G20 agreement to phase out fossil fuel subsidies, and made the largest investment in American history in clean energy incentives.”
Where’s my barf bag?
He got it all from the little people…Bovine Fecal Matter!
The Al Sharpton road show was here over the last few days. It may still be here, but I doubt it.
His hit-and-run included such gems as: “We Won’t Have True Social Justice Until Everything Is ‘Equal in Everybody’s House’ “
Now you wouldn’t call that socialism now would you?
Because, then you’d be a Racist….and you don’t want to be that now do you…. 😦
Then there was this little ditty from the liberal epicenter of the San Francisco Bay Area:
Freedom of expression or cultural disrespect on Cinco de Mayo?
On any other day at Live Oak High School in Morgan Hill, Daniel Galli and his four friends would not even be noticed for wearing T-shirts with the American flag. But Cinco de Mayo is not any typical day especially on a campus with a large Mexican American student population.
Galli says he and his friends were sitting at a table during brunch break when the vice principal asked two of the boys to remove American flag bandannas that they wearing on their heads and for the others to turn their American flag T-shirts inside out. When they refused, the boys were ordered to go to the principal’s office.
“They said we could wear it on any other day,” Daniel Galli said, “but today is sensitive to Mexican-Americans because it’s supposed to be their holiday so we were not allowed to wear it today.”
The boys said the administrators called their T-shirts “incendiary” that would lead to fights on campus.
“They said if we tried to go back to class with our shirts not taken off, they said it was defiance and we would get suspended,” Dominic Maciel, Galli’s friend, said.
The boys really had no choice, and went home to avoid suspension. They say they’re angry they were not allowed to express their American pride. Their parents are just as upset, calling what happened to their children, “total nonsense.”
“I think it’s absolutely ridiculous,” Julie Fagerstrom, Maciel’s mom, said. “All they were doing was displaying their patriotic nature. They’re expressing their individuality.”
But to many Mexican-American students at Live Oak, this was a big deal. They say they were offended by the five boys and others for wearing American colors on a Mexican holiday.
“I think they should apologize cause it is a Mexican Heritage Day,” Annicia Nunez, a Live Oak High student, said. “We don’t deserve to be get disrespected like that. We wouldn’t do that on Fourth of July.”
As for an apology, the boys and their families say, “fat chance.”
“I’m not going to apologize. I did nothing wrong,” Galli said. “I went along with my normal day. I might have worn an American flag, but I’m an American and I’m proud to be an American.”
The five boys and their families met with a Morgan Hill Unified School District official Wednesday night. The district released a statement saying it does not agree with how Live Oak High School administrators handled this incident.
The boys will not be suspended and they were told they can go back to school Thursday. They may even wear their red, white, and blue colors again, but this time, the day after Cinco de Mayo, there will be no controversy.
Ah, the politically correct.
So what’s next, are we going to be observing all Mexican and Latino holidays so as not to offend them?
After all, an American Flag (on an Old Navy shirt) is tantamount to racism you know…
Why is Obama vilifying FOX News? Why does Harry Reid push an immigration bill he knows can’t pass? Why won’t Schumer compromise on regulatory reform and why does he try to hang Goldman Sachs around the GOP? Why did Bill Clinton blame conservatives who oppose big government for the Oklahoma City bombing?
All share one motivation: To increase their base’s turnout in the off year elections of 2010. Going after FOX News stimulates a feeling of victimization on the left. The immigration bill and the new Arizona law catalyzes a Latino turnout. Goldman Sachs enrages liberal anti-Wall Street populists. By characterizing the Tea Party activists as dangerous, liberals are aroused to vote in November.
There are two way to win any election: energize the base or appeal to the center. Obama is, predictably, choosing the former, deliberately pushing policies that drive Independents into Republican arms as the price for generating passion on the part of his supporters. (Dick Morris)
So the great “unifier” is dividing people in order to try and save his party.
So the party that decries “fear tactics” is slopping it on like there’s no tomorrow.
And they are the victims.
And Me, I’m still a racist…. 🙂