Thomas Sowell :: Townhall.com :: Do Facts Matter?
from the article:
The current financial bailout crisis has propelled Barack Obama back into a substantial lead over John McCain-- which is astonishing in view of which man and which party has had the most to do with bringing on this crisis.
It raises the question: Do facts matter? Or is Obama's rhetoric and the media's spin enough to make facts irrelevant?
Fact Number One: It was liberal Democrats, led by Senator Christopher Dodd and Congressman Barney Frank, who for years-- including the present year-- denied that Fannie Mae and Freddie Mac were taking big risks that could lead to a financial crisis.
It was Senator Dodd, Congressman Frank and other liberal Democrats who for years refused requests from the Bush administration to set up an agency to regulate Fannie Mae and Freddie Mac.
It was liberal Democrats, again led by Dodd and Frank, who for years pushed for Fannie Mae and Freddie Mac to go even further in promoting subprime mortgage loans, which are at the heart of today's financial crisis.
Alan Greenspan warned them four years ago. So did the Chairman of the Council of Economic Advisers to the President. So did Bush's Secretary of the Treasury, five years ago.
Yet, today, what are we hearing? That it was the Bush administration "right-wing ideology" of "de-regulation" that set the stage for the financial crisis. Do facts matter?...
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2 comments:
The problem is the continued use of the term "liberal" democrat. In fact, there's almost no democrats who are truly liberal. Almost all democrats are centrist, but conservatives like to tack the liberal label on anything that isn't conservative. In fact, if you look at liberal economists like Paul Krugman and James Galbraith, they were talking about this issue back in the Clinton Administration (Clinton was also not a liberal).
But in fairness, let's take a look at John McCain and his campaign staff:
Aquiles Suarez: McCain's economic advisor: Former Director of Govt and Industry Relations for Fanny Mae,
Charlie Black: McCain Aide: Worked for Freddie Mac
Wayne Berman: Vice Chair of the McCain campaign: Lobbied for Fannie Mae
John Green: McCain congressional liaison: Lobbied for Fannie Mae
Arthur Culvahouse: Vetted VP candidates for McCain: Lobbied for Fannie Mae
And my personal favorite...Rick Davis: McCain Campaign Manager (most likely to become McCain White HouseChief of Staff) Lobbied for both Fannie Mae and Freddie Mac from the Homeownership Alliance and opposed regulation of Fannie and Freddie when it was proposed.
Both Republicans and Democrats are for sale. They all feed from the same trough. I'll wager that every time you point out a questionable corporate connection for Democrats I can find a corresponding connection to Republicans.
It's OK to be a conservative who does not support McCain. I'm a liberal and have no intention of voting for Obama.
Oh, here's a great article on McCain and his Fannie Mae Freddie Mac Connections.
http://www.motherjones.com/mojoblog/archives/2008/09/9663_mccain_fannie_freddie.html
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