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Wakum Mata!
Politcally Incorrect Musings
Addendum 
24th-Sep-2008 07:55 am
Money
Democrat Representative Marcy Kaptur speaks before Congress:



I like A LOT of what she has to say. Especially holding investigations to hold those responsible accountable. Will that investigation cover Senators and House members? Nice little Bush blurb there at the end to let us know the recorder's bias.



From Official "Why You're Wrong About the Right" Fan Club:

The crisis is largely the result of two specific regulations (rather than lack of regulations). First, the Community Redevelopment Act passed under President Clinton makes it easier for sub-prime borrowers to obtain loans and harder for financers to deny such loans, thus helping to create an environment in which housing loans were insufficiently collateralized. Second, Sarbanes-Oxley imposed new accounting rules that required financial institutions to value assets using the mark-to-market valuation, thus forcing institutions to mark down the value of assets on their balance sheets prematurely, which forces them to set aside more capital reserves and creates a loss of confidence among investors. Last, both George W. Bush and John McCain supported a regulatory overhaul of Fannie Mae and Freddie Mac several years ago, which would have reduced Congress’s ability to determine capital requirements of two companies. Fannie Mae and Freddie Mac have long found their most ardent
sympathizers and protectors in the Democratic Party, including Barney Frank and Barack Obama. In fact, Obama has received the second most contributions from Fannie and Freddie in the Senate over the last three years of any Senator except Chris Dodd. The former CEO, Franklin Raines, (think greedy CEO who loots the company, leaves shareholders worse off, and walks away with millions in his pocket) is an advisor on Barack Obama’s campaign. Raines left under an ethical clout amidst an accounting scandal, but not before pocketing close to $100 million in salaries and bonuses. So, anyone who says Republicans caused this mess, remind them “why they’re wrong about the right.”


So. Through two DEMOCRAT sponsored regulations, we have the mess we are in. And yet I don't hear the Republicans shouting about this bailout and financial corruption. I hear the Democrats. Why is that? Is this a case of "he who smelled it, dealt it" or are the Republicans quietly complicit? Some of both, I would venture.





I must talk to the Fan Club about their typos. Spell check, anyone? Proof read? Whitespace? Seriously.
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