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BAIL-OUT: Hey Peter, Vet This! (repost) Thursday, October 23, 2008

Okay, time for a reality check and a little intellectual honesty.

First of all, The $700 billion bail-out was only necessary because of a housing market bubble that was the result of credit that was given to those who didn't deserve it. Many of those bad home loans were given under the auspices of Fannie Mae and Freddie Mac, both of which Barney Frank and many other Democrats have claimed for years were not in danger of going under. So they kept on giving out homeloans to credit risks, and the rest of the market followed suit. In fact Democrats said over and over that there was no need for more oversight and regulation of either institution, while President Bush and many Republicans in Congress begged for further oversight.

Now I really hate the fact that the bailout was the only way out, and I blame both Republicans and Democrats for letting it get that bad. However, it passed through a Congress controlled by Democrats. If the Democrats wanted to stop the "bail-out of Wall Street" as you call it, they had ample opportunity. All they had to do was not vote for it. But, they actually championed it. Remember, Congress controls the country's purse-strings, and the Democrats control Congress. In fact, here is a link to C-SPAN documentation of the Republicans trying to reign in Fannie Mae and Freddie Mac years before the current crisis, and Democrats swearing up and down that everything was fine.

But, you probably won't even bother watching it, or "vetting out" the facts yourself, because to have to face this kind of evidence about the world-saving Democrats would surely be too much for a Canadian Socialist to take.


 



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Already posted this, sport.

Oh I'm sorry, "purposes of readership."

What's that exactly? [JustLikeHeathen]

10/24/2008 12:01:02 AM
JustLikeHeathen, more like JustLikeALiberal - diverting attention from the facts!

 [Politics Today]

10/24/2008 12:46:34 AM
I didn't question whether or not the bail out it was unnecessary (forget the fact that it's not stopping the market from crashing), I merely said it was an example of the government 'spreading the wealth' since that would be taxpayer's money being given away. Ditto for King George's obscene tax cuts for the wealthy, that's redistribution of wealth as well. It's only okay for you when the GOP do it?

What wasn't vetted was Joe the 'unlisenced' plumber. He's now another embarassment for the McCain campaign, just like his insane VP pick, his dishonest attack ads and every other blunder he's done during this election race.

I have a feeling you're in for a big disappointment next month...

 [Peter_24601]

10/24/2008 6:46:38 AM
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