Well, the only issue that is going to make a difference in the election now is the economy. I think we all can agree on that.
That being said, I want to point out that I only have a rudimentary understanding of all the recent goings-on with AIG and Fannie Mae and Freddie Mac. All I do know is that there has ensued a flurry of finger-pointing. It all seems too nuanced to understand. McCain says we need more accountability, and Obama says we need more government regulation (of course.) Actually, it’s not only Democrats who think this. (Why does government oversight rub me the wrong way? If there’s no risk, there’s no reward, right? Isn’t that the way the market works? The job of a CEO is to make sure the corporation that employs him makes money to pass along to the shareholders in that corporation. But, if I were a CEO, and I knew that the government was going to bail me out no matter how crappy of a job I did, wouldn’t my incentive to do a good job lessen considerably? Seriously, I’m rambling.)
I do know that there are some things that are quite interesting about all this. Namely, that Fannie and Freddie and Hillary Clinton and Chris Dodd and Barack Obama were all in bed together. And I can tell you one thing for certain: If this were the case with, say, John McCain, or any other Republican, there’d be a demand for investigation upon investigation, and the media would be having a hayday. Really. You know it’s true.
I thought this article did an excellent job in explaining all of this. A great analysis and TIMELY revelation regarding S.190, a bill that would have averted this mess, that was not passed in Congress by Democrats, one of whose sponsors was none other than…John McCain. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSKSoiNbnQY0
Too good to keep off of this post:
“[Barack] Obama… blamed the shocking new round of subprime-related bankruptcies on the free-market system, and specifically the ‘trickle-down’ economics of the Bush administration, which he tried to gig opponent John McCain for wanting to extend. But it was the Clinton administration, obsessed with multiculturalism, that dictated where mortgage lenders could lend, and originally helped create the market for the high-risk subprime loans now infecting like a retrovirus the balance sheets of many of Wall Street’s most revered institutions. Tough new regulations forced lenders into high-risk areas where they had no choice but to lower lending standards to make the loans that sound business practices had previously guarded against making. It was either that or face stiff government penalties. The untold story in this whole national crisis is that President Clinton put on steroids the Community Redevelopment Act, a well-intended Carter-era law designed to encourage minority homeownership. And in so doing, he helped create the market for the risky subprime loans that he and Democrats now decry as not only greedy but ‘predatory.’ Yes, the market was fueled by greed and overleveraging in the secondary market for subprimes, vis-a-vis mortgaged-backed securities traded on Wall Street. But the seed was planted in the ‘90s by Clinton and his social engineers.” —Investor’s Business Daily