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Democrats try to steal a step
Posted by: McQ on Thursday, September 18, 2008

I mentioned this yesterday when I said that Democrats were trying to rewrite history as it applies to the failures we're seeing among big financial institutions.

Jon puts a good review of those points together at The NextRight.

The key point is when Obama goes around spouting the claim that he has a plan to fix what is wrong with "Wall Street", he should be reminded that when he had an actual chance to do something that might have averted this crisis, he didn't.

The bill is S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005. There are 3 cosponsors. One is John McCain. Mr. "Non-partisan-reach-across-the-isle-and-get-things-done" is not one of them.

This is important because while the Democrats are trying desperately to shovel dirt on their past in this regard, they're trying to push this general nonsense, aided and abetted by their usual media surrogates, as specifically true about the present financial situation:
[I]t is certainly not too soon to look beyond the current crisis to the flaws and fallacies of the anti-regulatory ideology that has held Washington in its grip since the Reagan years and allowed the financial excesses that are now stressing the system to the breaking point.
The result of the acceptance of such a meme as conventional wisdom, or at least the beginnings of it, are why you now see the polls beginning to again favor Obama.
 
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Here the CEO of Fannie Mae calls Obama a member of the family. Well, he should be with what they paid him off with.
 
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Written By: shark
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I think that analysis only is partially right, McQ. Also couple in the fact that we are in a full blown economic panic right now (Lance’s analysis of the bond market gives a significant data point). That means that populist rhetoric of the "chase the moneylenders from the Temple" variety will get more ears. This is the Democrats’ forte and has been since the days of Huey Long. Hence, they are good for a few points ride.
 
Written By: CR
URL: http://
[I]t is certainly not too soon to look beyond the current crisis to the flaws and fallacies of the anti-regulatory ideology that has held Washington in its grip since the Reagan years and allowed the financial excesses that are now stressing the system to the breaking point.
Actually, the deregulation started with Carter (necessity being a mother). It blossomed under Reagan, who was staunch in his position since ... what, the fifties?

Unfortunately, this notion ("It’s all Reagan’s fault and those dirty Republicans") may have legs. No politician wants to be responsible for an economic Katrina. So rather than do the right thing ("Don’t just do something, stand there!") the folks in charge are going to do the worst ("I’m from the government and I’m here to help.") Ahhh ... the American way. Go for the short term ’fix’ and put off today’s manageable problems until they grow beyond reason.
 
Written By: Ronnie Gipper
URL: http://
"
The bill is S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005."

You favor that bill? Why?

You favor McCain’s approval of the steps Bush is now taking?
 
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