As it stands right now, the emergency economic bill has been defeated 228-205, and the Republicans are being called 'Unpatriotic' by Congresswoman Nancy Palosi. Ma'am, if you had not poisined the waters before the vote with your partisan rhetoric while demanding bi-partisan support, maybe you would have received a better outcome (to my dismay).
There is an article in the New York Times describing some of what has transpired, but you have to go to the fifth paragraph from the end of the article to discover why this proposal tanked.
The administration accepted limits on executive pay and tougher oversight; Democrats sacrificed a push to allow bankruptcy judges to rewrite mortgages. But Republicans fell short in their effort to require that the federal government insure, rather than buy, the bad debt. [Read the whole thing, if you want. lol.]The insurance is the main issue here. We would NOT be taking these bad loans with tax dollars. Instead, these failed banks, failed financial institutions, and others would have to insure whatever help they received. They would be responsible for restoring to the government this loan with interest. This way, they would NOT be given free cash to continue the practices which brought this about in the first place.
And just how did this come to be? Congress. Congress is responsible for where we are due to the Community Reinvestment Act. Just what is this? Congress decided back in 1979 that banks were not giving loans to certain areas or locations. It just so happens that these areas are where blacks and poor people lived.
It was a good idea back then, because there was discrimination. No doubt about it. Then Clinton came to town and decided he wanted to do more. So Congress, in 1993, mandated that these banks and loaning institutions had to offer more loans to more poor people than they were already doing. This led to the no down payment, no background check, no check on whether or not people were able to afford to pay back the loans they were given, and on and on.
When we had the housing bubble, people who could not afford a house did not save the correct amount of money (like I am doing), so they walked away from their rented homes. After all, wouldn't you consider it a rental when you had no investment in the house in which you lived? Especially if you were an illegal alien?
President Bush and Sen. John McCain have been warning that this would happen if there was no reform, but Chairman Barney Frank and Chris Dodd said that was racist and unnecessary. Unnecessary? THEY KNEW! They were the overseers.
When they get rid of the CRA, which was NOT in the bill (they wanted to EXPAND it!), then maybe the American people would be more understanding. Until you change your ways, Democrats, Republics, Independents, Socialists alike, we stand firmly behind those members that said, "NO DEAL!"
That is my opinion, and I know I do not stand alone. Both sides of the House said no. You cannot blame this on one party or the other. Those who voted yes, I'll be taking down names...when you come around asking me for my money!
PS. I would also like you to know that there are NO criminal provisions in this bill. Everyone who stole (cooked the books to get more money from Fannie Mae and Freddie Mac, quasi private/government owned) gets to walk away scott free. There were many Clinton administration employees who made millions for themselves. Could this be why they are not worried about corruption?
Johnson and Raines are now working on the Obama campaign, although he may deny this FACT. Raines had a hand in the destruction of Fannie Mae. So did Johnson. I'm just not sure which financial institution he was responsible for. What if these men becomes Treasury Secretary and Economic Advisor?
Again, if you hear anything close to Republicans holding this up or it being their fault, the Democrats are in the majority. They could pass anything they wish, which they usually do. You may not know this, however, because the bills they passed were not bills of any import. Go figure.
Hat tip: Blackfive.
May you walk with the LORD always, and when you cannot take another step, may He carry you the rest of the way until you can walk along side Him again.
Cross-posted @ The Talon and Rosemary's News and Ideas.
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