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Sunday, October 05, 2008 

Truly a lack of leadership

As both the Senate and House passed the largest socialist bill in U.S. history this last week. A demonstration in socialism has exploded in this country. Yes the stock market took a dive. It had a rather large hiccup and belch. However when one responsibly sits down and crunches the numbers it was no more then 16% and no less then 7% drop in the market. Depending on who you want to listen to.

A glitch and self realignment of the market is taking place. As for the last 15 years inflated values and voodoo accounting has been aloud to take place. Falsified projected profits have been the standard. As I have blogged of late many times here. You can not and should never take projected profits and use them as a means to prop up a company. We cannot and are not allowed to do this with our private and personal fiances. Yet we have accepted and allowed corporations and the government to do so.

In Colorado we had the Tabor amendment. This was law that forced the state government to work with in its means. However as the federal government runs a debt this state too wants to run with a deficit

The nationalization of the housing mortgage industry is a socialist move and taking over banks is right out of Carl Marx. There can be nothing good coming from this. A capitalistic market with regulations has worked and was working till the left in Washington panicked and used this fear to seize control.

If you do not believe this just look at the pats on the back being given by the press and certain leaders to those who created this problem allowing for the take over.

Nancy Pelosi had the following to say. Note carefully the wording of her statement and to who she gives credit to for the bailout bill and seizing of the economy to.

"Good afternoon. Thank you all for being here. As we observe the passage of the very serious piece of legislation, we must do so with an eye to the future. We were faced with a situation that had terrible ramifications for everyone on Main Street, but all the attention was on Wall Street. We wanted to turn that attention and that was our intention in the legislation.

To turn the attention from what was happening on Wall St. and spin it even further then Paulson has done. Irresponsible statements from Washington has caused several companies and banks to be run on and loose considerable amounts of money. Remember the Bank run in California several months ago and most recently Sen. Reid's statement and stock drop on insurance companies.

"Under the leadership of our chairman, Barney Frank, as I called him on the floor, a maestro, we were able to make improvements, working in a bipartisan way, making improvements in the legislation, and then make more improvements in the legislation before it came back to the floor today.

A maestro, say that again please. In what context? A maestro in helping to create problems by not doing his job in the first place. As pointed out recently in the Bill O'Rielly tantrum on FOX. Even though Bill lost his cool and was out of control. What he said and pointed his fingers at was truth. Barney Frank sat on his backside and ignored, hampered and dismissed events that came to fruition. Resulting in bad deals and loans to those WHO SHOULD NEVER HAVE BEEN GIVEN A LOAN. Then again did Barny Frank orchestrate this socialist take over of the banking industry?

"The eye now is to the future. To shine the bright light of accountability on what is happening in our financial markets so that it doesn't happen again. That accountability will tell us how we got to this place and ferret out the abuses. That accountability will honor our trust to the American people.

Now we are going to shine a light on accountability. A effort to prevent the market from correcting itself and righting the over inflated value of the home market. No where in this new legislation does it call for accountability of the social engineering that has happened and put low income families at a high risk of bankruptcy. Fannie May and Freddie Mac are still in the business of making loans to those who cannot afford the American Dream. That of owning their own home. Making it now an entitlement instead of a goal to achieve.

"Mr. Frank will be holding hearings on where we go from here, because we are about the future. Mr. Waxman's hearings will be instructed as to how we got here -- that we know how to avoid this in the future. It will be about accountability, it will be about regulation, regulatory reform, which is essential. It will be about building an economy with a focus on the middle class, where many more Americans will participate in the economic security of our country."

Now we are going to have hearings? Why now after it is all over. Where were these hearings before. Where was the oversight before, how come they (congress) failed to have oversight in the first place. Simple answer ... they were socializing the housing industry from the start. Another government welfare program to make more and more people dependant on the government for aid. One can easily make the claim it was a strategy to buy votes for the now socialist party formerly known as democrats.

"And the high flyers on Wall Street will no longer be able to jeopardize that personal economic security of Americans, again, because of the bright light of scrutiny and accountability and the attention given under regulatory reform."

Ah, here we see the blame being put on the CEO's of industry as being corrupt and greedy. News flash people. When the government refused to leave regulations alone and eased loan qualifications, urging banks to loan to the lower class. Fine print must be read, and living within ones means ignored. Encouraging morally corrupt loans of coarse the liberals who are running the mortgage undersigning will rob people blind. It was encouraged by the government to do so.

"We are all believers in the free market -- it's part of our democracy. We know that the free markets create jobs, create capital, and create wealth -- that's very important. But recently, left unregulated and undisciplined and unsupervised, they create chaos. That was then; this is now. We're about the future, and that is the direction we want to take our policy. We want to take our economy in a New Direction for the middle class. "

Believers in a free market? Then why have they nationalized it and removed the self correction that was taking place and put the burden of poor investments on the American Taxpayer to handle? Key phases here, create capitol, create wealth. This bill does nothing to improve conditions, rather the exact opposite. "We want to take the economy in another direction for the middle class." This is correct. The so called credit crunch is not there but will be now. Banking and lending institutes were clamping down on bad loans. Now they will be encouraged to continue to make bad loans or if smart curtail loans. A gathering of capitol should now ensue. Delinquent loans will be called due and more and more people will look for bankruptcy judgements. As a gratuitous over extension of credit has already ensued.

"So many of our leadership was part of this legislation today. I dont say that we celebrated, because I don't think that. Frankly, we could have had a much better bill under different circumstances, but these are not the circumstances we were under. We were dealt a bad hand; we made the most of it. I think the American people will benefit from it. We decided, in the course of this week, that we needed to bring the bill up, that it was urgent that it pass and we had to depend on ourselves to get it passed. "

Here now Pelosi for once tells a little truth. The bill pushed through was bad and she knows it. But in an election year the purchasing of votes is more important then doing what is right. The market was stabilising as Congress looked to legislate it. Then as soon as the bill was sent to the White House the market did what? It went down. More lack of confidence being displayed in our government. Her remark of we had to depend on ourselves to pass it is an understatement. It was a golden opportunity to further the lefts agenda and socialization of this country. They saw it and played upon misplaced fears. Seizing the moment to take control. More big brother in our lives.

"Fortunately, we had a strong bipartisan vote, but we knew we would be strong enough to pass the bill today, because of the work of Steny Hoyer and Jim Clyburn and Rahm Emanuel and our other members of the leadership. And now I am pleased to yield to the person who worked very hard on this with great leadership, Steny Hoyer."

Here she makes it clear that it was democrats over republicans who put this into effect. She makes a small mention of bipartisan cooperation, yet names only Democrats as leading the way. Thank God for that. Though there shall be blame placed on those Repugnants who sold out, the main blame of this takeover is on those with which Pelosi names.

The lack of leadership in all this truly comes form the rush of such a bad bill into legislation. The addition of earmarks and funding of project that have nothing to do with any control of the market.

The Market does need to be regulated to some extent. A control should be in place to prevent sell off and stop panic. But to nationalize a complete sector of the free market is wrong and flies in the face of capitalism.

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  • I'm Devious Mind
  • From Denver, Colorado, United States
  • Good judgemnt comes from experiance. Experiance comes from bad judgement. Karma, its a bitch.
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