There is something wrong with the media picture that projects the Democratic position that it was we the people who rejected a $700 billion emergency rescue for the nation’s financial system that sent the Dow Jones industrials plunging nearly 800 points, the most ever for a single day.
Now let’s make it clear at the outset. The Democratic controlled Congress had all the votes it needed without the Republicans to pass this bill, but 40 percent of the Dems were not willing to take the political risk of voting for it just five weeks before the elections.
It was a you and me package, much like the greed that was displayed on Wall Street that was partially responsible for getting us into this mess. In other words the Democratic controlled Congress was not going put its country first and loose their jobs in the process.
We are told that Congress was hearing from the public that they wanted them to reject the bailout bill by 80-1. Who is documenting such data? Where is the media to question the credibility of such statements? Is this backed up by polls, if so do the politicians believe the polls in this instance, but reject polls when they are not in their favor when running for re-election?
Is it believable that the American public asked the Congress overwhelmingly to reject the bailout, so that we the people could take a major hit in retirement funds, savings, 401K’s, stocks, investments and to see the Dow Jones industrials plunge nearly 800 points?
This scenario is just not plausible and why it is not being questioned by the media is troublesome.
Meanwhile, the Democratic presidential candidate Barack Obama during weeks of an unfolding financial crisis showed his leadership capabilities by sitting on the sidelines. Obama never supported the bailout in public and didn’t move into the front lines until forced by his opponent John McCain, who suspended his campaign to address the issue.
However, Obama’s spokesperson in Congress, Nancy Pelosi in a scathing speech near the close of the bill’s debate, assailed Bush’s economic policies as “right-wing ideology of anything goes, no supervision, no discipline, and no regulation of financial markets, for the defeat.”
Mike Huckabee, a former presidential GOP candidate, summed up the Pelosi statement on Fox News when he said, “Pelosi doesn’t know the difference between the punch bowl and the toilet bowl.”
The origin of this financial crisis dates back to the Clinton administration when the Dems fostered the formation of Fannie Mae and Freddie Mac supporting home loans for those that could not afford them.
When John McCain tried to regulate Fannie and Freddie with regulation two years ago, the Dems rejected the bill. Meanwhile the CEO of Fannie Mae ran the firm into the ground and then was rewarded after six years of incompetence with a $90 million severance package.
While greed was abundant on Wall Street with deals the CEO’s didn’t understand, the Congress was failing to do its job of regulation by error of omission, a crime far more serious than trying to correct a situation by doing something and failing.
And so we are in this dilemma because of we the people, if we are to believe our unscrupulous politicians.
As this financial crisis unfolds and the rhetoric between our so called leaders gets uglier, I leave you with one thought — follow the money. You will find it at the doorsteps of many of our leaders in both the Congress and Senate, including Barack Obama’s!



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