Yesterday Speaker Pelosi demonstrated to the country her total lack of ability as Speaker of the House. At a critical moment prior to the vote, she decided it was time to blame the Bush administration for all of the economic woes. Instead of focusing on the importance of passing the legislation, she opted to play the blame game.
Her comments didn't kill the bill, regardless of how some Republicans feel. There were 90-some Dems who voted against it, some at the instruction of Queen Nancy because they were freshman congressmen up for re-election. That really puts the country before the party eh? Then we get to listen to Barney Funky-Frank tell us he'd speak uncharacteristically nice to the 12 Republicans who voted against it because of the Queen's utterances, when a number of his cohorts on the Ways & Means committee also voted against it.
Queen Nancy conveniently overlooked legislation proposed in 2002 to overhaul Fannie & Freddie and tighten loan requirements. It passed the House, even though Funky-Frank voted against it, but it died in the Senate at the hands of Senator Chris Dodd, a man that I have always found to be honorable.
This entire mess is the result of people acting with the best of intentions who failed to abide by the basic tenets of making loans. In their attempt to get as many Americans into their own homes as possible, the Dems decided that a down payment and proof of income and ability to pay were not essential criteria when making loans. At that point, human nature took over. Greedy bankers and other "financial geniuses" created the mortgage-backed securities that have led us to where we currently are.
Fannie & Freddie are symbolic of how a country begins it's downhill slide into socialism, and the greedy bankers are symbolic of the dark side of capitalism. At some point we are going to have to decide, as a nation, which path leads to sustaining the greatness of our nation. Do we veer left towards European-style socialism, veer right towards unrestricted capitalism, or try and find a middle path that finds a balance between the two?
The lack of leadership on both sides of the aisle has left the American citizenry not knowing what the future holds for them; not knowing what the real reasons for the crisis are; not knowing if it's a bailout or a buy-in, and not knowing what action, if any, can get us out of this mess.
As I noted early on, I am opposed to the bailout on principle, but I see no other option that will prevent a worldwide depression.
Watching Congress over the last week calls to mind Nero and his fiddling as Rome burned, except now there are hundreds of fiddlers, out of tune, out of time, and out of touch with the people they represent. If the trillion dollars of losses in the stock market we saw just yesterday doesn't get these people moving, we'd all better get back to farming and growing our own food because the Great Depression of the 21st Century will make the Great Depression of the 20th Century look like a banker's holiday.
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