American Political Orphan

Wednesday, September 17, 2008

Pelosi “No Responsibility for Economic Crisis” Oh Really?

From The Hill By Klaus Marre Pelosi: Dems bear no responsibility for economic crisis

Oh really? Not so fast there Ms. Pelosi. I know you are deligted that the economy is in the tank however you and the Democrats bear all the blame for this mess.

According to the guys at Powerline in their blog post, Turmoil in the Markets,  they point to a report from Fox News’s John Gibson which clearly implicates the Democrats.

From John Gibson,

“Lehman Brothers’ collapse is traced back to Fannie Mae and Freddie Mac, the two big mortgage banks that got a federal bailout a few weeks ago. Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs.
A group called the Center for Responsive Politics keeps track of which politicians got Fannie and Freddie political contributions. The top three U.S. Senators getting big Fannie and Freddie political bucks were Democrats, and number two is Senator Barack Obama. Now, remember, he has only been in the Senate four years but still managed to grab the number two spot ahead of John Kerry, decades in the senate, and Chris Dodd, who is chairman of the Senate Banking Committee.

Fannie and Freddie have been creations of the Congressional Democrats and the Clinton White House, designed to make mortgages available to more people, and as it turned out, some people who couldn’t afford them. Fannie and Freddie have also been places for big Washington Democrats to go to work in the semi-private sector and pocket millions. The Clinton administration’s White House budget director Franklin Raines ran Fannie and collected $50 million. Jamie Gorelick, Clinton Justice Department official, worked for Fannie and took home $26 million. Big Democrat Jim Johnson, recently on Obama’s VP search committee, has hauled in millions from his Fannie Mae C.E.O. job.

Now remember, Obama’s ads and stump speeches attack McCain and Republican policies for the current financial turmoil. It is demonstrably not Republican policy and worse, it appears the man attacking McCain, Senator Obama, was at the head of the line when the piggies lined up at the Fannie and Freddie trough for campaign bucks. Senator Barack Obama, number two on the Fannie/Freddie list of favored politicians after just four short years in the Senate. Next time you see that ad, you might notice he fails to mention that part of the Fannie and Freddie problem.”

And now today, Senate Majority Leader Harry Reid, true to form, was blaming John McCain of the economy. 

And also from the Politico, Pelosi orders wide Wall Street probe,  well this should be a nice “show trial” for sure. I cetainly hope it backfires on them and the real truth comes out.

Not likely, but I think they under-estimate the American People. We won’t really know for sure until November 4th when the American People WILL be heard.