- BitsBlog - https://bitsblog.com -

A Look At Our Situation This Monring.

I’m a little concerned. I’ve spent a good deal of time going over the President’s speech, and my concern is that he seems quite willing to place the blame for this mess on the private sector. I’ve said several times, and laid out my case, as have several others, that this was not a failure of free enterprise but a failure of government. Yet here comes Bush last night, avoiding placing the blame on government where it belongs. My fear here is that once it’s placed in the public memory that freedom failed us, the Democrats will use this to add more and more regulation and governmental intrusion, which in fact was is the proximate cause of our current troubles.

Now, one can understand the reasons why he might not want to place such blame on government in a speech. For one thing, it would certainly be like tossing a stick of dynamite in a pan of hash, the way things would start flying around the proverbial congressional kitchen… just when you don’t need such distractions. Such is political life. But still, as Rick DeMint said on Fox this morning, the Democrats are already laoding up this bailout thing with stuff that going to take decades to get rid of and none of it good for our economy, so I’m less than pleased he’s about keeping Democrats happy.

I’ll tell you what I’d like to see… once this thing gets through Congress, I’d like to see McCain step out a little bit and start hammering on the Democrats who brought us to this pass. I’d like to see Franklin Delano Raines hauled up before a Grand Jury, and charged criminally, along with Jim Johnson. I’d also be interested in seeing a full on investigation mounted, of the relationship between these men and Barrack Obama.

Speaking of investigations the part of the stalking horse is played this time around by the FBI, whose investigation of this thing will likley turn up a few big names, possibly connected to Obama, and decidedly congressional Democrats. Among these would be Chris Dodd, Charles Schumer, and Barney Frank. Who, in my view should recuse themselves form this process, given their involvement in the problem’s creation.

 So too should Harry Ried,  who loudly accused President Bush last night of “fiscal dereliction of duty” over this crisis. Of course Ried ignores the fact that he and the other Democrats were making similar noisesto Frank when the President and congressional republicans tried to deal with this crisis they correctly sw coming back in 05.

Frank in particular went out of his way to deny anything was wrong [1], when John McCain and the Republicans tried to get Fannie and Freddie back to heel:

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Obviously this story is broad in scope and in implications, and I can’t hope to touch the whole thing in one post. But those are my thoughts on all this at the moment.