Our current President gave a speech on the economy at Georgetown University. The text of the speech is here. http://www.realclearpolitics.com/articles/2009/04/14/a_new_foundation_for_the_economy_obama_48911.html
Read it critically for yourselves before the spinners go to work.
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The speech begins with a typical liberal retelling of history of the financial crisis originating in the housing market. He fails to place any significant blame on the Community Reinvestment Act, (probably because as a lawyer he was the lead counsel for ACORN in forcing Citibank to make bad housing loans to unqualified people) the Federal Reserve or Fannie Mae/Freddie Mac in creating the housing bubble. Rather, he points his finger at Wall Street. He finds Wall Street culpable for the growth of subprime loans. According to Obamamessiah, "the reason these loans were so readily available was that Wall Street saw big profits to be made." However he leaves out the fact that the rules changed because Congress forced lenders to make these bad loans. The Banking industry was intelligent enough to spread the risk forced upon them by congress. They remembered the lessons learned when Congress forced them to make bad loans to South American countries. Again it is class warfare, I will spin a story to the unintelligent and blame our favorite whipping boys the perceived wealthy wall street types. Nice story and I am sure it will work with the masses.
Invoking the Sermon on the Mount given by Jesus Christ, Obamamessiah offers his big government policies as the new foundation. Of course the Rock that Jesus referred to is himself. Our President compares his Rock to Christian faith. The Big Government Rock Obamamessiah wants is a foundation built upon five pillars that will grow our economy and make this new century another American century: new rules for Wall Street that will reward drive and innovation; new investments in education that will make our workforce more skilled and competitive; new investments in renewable energy and technology that will create new jobs and industries; new investments in health care that will cut costs for families and businesses; and new savings in our federal budget that will bring down the debt for future generations.
I see this more as a Rock that will crush the American Economy in the future with SOX like governmental regulations. Instead we should be asking these questions of this administration. Is more government regulation necessary for Wall Street "to reward drive and innovation"? Is more government spending on education likely to "make our workforce more skilled and competitive"? Is more government spending on energy schemes that cannot support themselves a productive use of resources? Is a new government health care program really going to "cut costs for families and businesses"? Is there anyone in his right mind who believes that under this administration "new savings in our federal budget...will bring down the debt for future generations"?
Can anyone show me any research based on real world situations that give any credence to what they are proposing that showes that they are on the right track? Has all of the past governmental spending on education worked? Is the heavy regulation of the Health Care Industry working to drive down the prices or are his buddies the tort lawyers working to drive up health care costs faster than they can be regulated down? Can we point to European countries to show that all the governmental spending drove down costs or in the alternative can we show that they are feeling the immense strain and are already changing their systems?
As a community service message to highlight the hypocrisy of this man I present the following facts:
"Georgetown Says It Covered Over Name of Jesus to Comply With White House Request"
http://www.cnsnews.com/public/content/article.aspx?RsrcID=46667
So he quotes Jesus Christ in the text of his speech but also tells Gergetown to cover the inscription that refers to Jesus that would show up in any video coverage of his speech. I leave it up to you to try to figure this mystery out. Do you think the average American is so ignorant that they do not realize that Georgetown is a Jesuit University? Watch out Notre Dame!
Mark - you are all wrong regarding the economy. Your party enjoyed a monopoly on power for six of the past eight years. With power comes responsibility.
CRA had nothing to do with it - Larry Kudlow has even stopped making that dubious claim. In fact, those subject to the CRA (banks) fared far better than those who were not (mortgage companies).
It was the alchemy of bundling sub-prime loans into packages that received AAA ratings from S+P and Moodys. They couldn't keep these packages on the shelf and billions were made spreading the mislabeled debt around the world. It had nothing to do with Fannie/Freddie or CRA.
By the way, Fan/Fred reform was never brought to a vote by the Republican speaker. Why not? It did not receive the support of the Republican caucus, thus no vote. The wing nuts now want to blame Barney Frank - a member of the minority and thus unable to bring or block a vote.
Your arguments are disingenuous. If you have any respect for the truth, you will blame Bush + GOP Congress or you will drop the topic altogether.
Essentially, the Republicans dropped a steaming pile on the American floor and now they want to quibble with the Democrats as they try to clean it up.
No Rich your revisionist history is wrong. Watch the tape of the debates over reforming Fannie Mae and Freddie Mac it is clear who blocked any reforms. It is also clear that the genesis for the housing debacle was the making of loans to those that could not afford them. You can babble on all you want and try to cast the blame on only the Republicans but the truth is there is plenty of blame for both parties.
Even that is irrelevant right now. The facts are that we are running up debt faster than ever in this countrie's history. It is counter intuitive to believe that you can spend your way to prosperity. C'mon Rich, you fancy yourself to be an intelligent individual. Even you must see what is happening now or are you pouring that Pinko Kool-Aid over your eyes as well?
Watch old debates to see who was blocking Fan/Fred reform? Mark - you need to learn how the House works. The majority can pass anything on a simple majority vote - even impeachment. The minority cannot block anything. You watched a debate on YouTube to form your opinion? Maybe you should pick up a high school civics book to learn how it works.
There is not blame to go all around. It was on your watch. The champions of deregulation allowed a system to run amok unregulated. Now, here we sit.
Fortunately, that bunch was all thrown out and we now have the most Democratic government in over thirty years.
God Bless America!
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