PUMA Politics: The Mortgage Meltdown Blame Game

I am fully aware that I am hammering away on this point of the economy.  I know that I have been writing about this issue for months and that most of my readers are probably getting tired of it BUT, updates are always needed and they lead to interesting information; namely the Democratic Congress….but first:

According to the NY Times today, Congressional Leaders Are Stunned By Warnings.  I would like to know where exactly these people have been living; what universe or parallel dimension?  For the 9,400 people losing their homes EVERY DAY, and for those of us still shelling out $4 a gallon for gas and $6 for milk; where have our leaders been, besides vacationing on a further, brighter star?  It is obvious that the Congress is so far out of touch with the everyday common man that even these tidbits do not surprise me.  The only fact that does surprise me is that they are finally wrapping their little brains around the truths that we have been enduring for 2 years now; and are they rattled?  About Time!!

  • WASHINGTON — It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.
  • Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.
  • “When you listened to him describe it you gulped,” said Senator Charles E. Schumer, Democrat of New York.
  • As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
  • Mr. Schumer added, “History was sort of hanging over it, like this was a moment.”
  • When Mr. Schumer described the meeting as “somber,” Mr. Dodd cut in. “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.”
  • “What you heard last evening,” he added, “is one of those rare moments, certainly rare in my experience here, is Democrats and Republicans deciding we need to work together quickly.”
  • …….“We have got to deal with the foreclosure issue,” Mr. Dodd said. “You have got to stop that hemorrhaging..If you don’t, the problem doesn’t go away. Ben Bernanke has said it over and over again. Hank Paulson recognizes it. This problem began with bad lending practices. Those are his words, not mine, and so this plan must address that or I’ll be back here in front of a bank of microphones at some point explaining the next failure.”

I remember a certain New York Senator speaking about stopping the foreclosure hemmorrhaging back in August 2007.  Guess they did not want to listen to her or us.

August 7th, 2007: Senator Hillary Clinton, D-N.Y., talks with CNBC’s Dylan Ratigan about the ongoing crisis in the mortgage industry and her plan to limit the number of home foreclosures nationwide.  If the embed video below does not show up (glitches, sorry), just use the link above to see the video; it is first rate.

http://www.msnbc.msn.com/id/22425001/vp/20162178#20162178

If it has not become time for Country Before Party, I do not know when a better time would be. Does it surprise anybody that the major players in this major problem are the same players that made sure Obama became the nominee and Senator Clinton was sent back to the Senate?  Namely, Pelosi and Reid?

John Gibson of Fox News has a pretty good wrap up of the how, what, why and when of the mortgage meltdown crisis leading to the brittle markets and all the red ink.

http://foxnews1.a.mms.mavenapps.net/mms/rt/1/site/foxnews1-foxnews-pub01-live/current/videolandingpage/fncLargePlayer/client/embedded/embedded.swf

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Comments
5 Responses to “PUMA Politics: The Mortgage Meltdown Blame Game”
  1. Mary Ellen says:

    This whole bailout thing is making me steam. It burns me up that the government is going to bail them out and stick all of us with the bill. Why should I pay for their mistakes when I had absolutely nothing to do with it? I bought a house, got a mortgage (which wasn’t as easy to get at the time because they weren’t handing them out like lollipops back then), and my husband and I worked hard to pay down that mortgage…now I have to pay for some CEO who made bad investments? The same CEO that contributed large sums of money to a candidate that I don’t even support?

    It makes me sick…just sick.

  2. Maybe this will cheer you up, Mary Ellen…

    Cross-posted from Free Us Now…

    “Democracy in Suffrage” PAC Formed, Press Conference 9/26…Goal: To Defeat Obama

    http://insightanalytical.wordpress.com/2008/09/20/democracy-in-suffrage-pac-formed-press-conference-926goal-to-defeat-obama/

    Spread the word!

  3. ms mississippi says:

    Yep. The CEO’s of these Wall Street firms need to be hauled off to jail like the guys that brought about the bankruptcies of Enron and WorldCom. Why are these Wall Street CEO’s being rewarded for their bad behavior? Why bail these banks out, which does nothing, absolutely nothing, to relieve the debt on the average homeowner? A better, wiser use of taxpayer dollars if a bailout is needed is to pay off the debt of homeowners making less than $75,000 a year. That’s where the economic pain is. Spend the $800 billion to pay off the mortgage debts of Americans making less than $75,000. That doubles the bang for the buck. That puts money into the finance markets by paying off mortgage loans and puts disposable income back into the very homes that are hurting the most which will in turn be spent in their communities, putting money back into economy at the grassroots level. This economic crisis demands a bottom-up approach, not a top-down one that rewards the fat cats that created the problem.

    The Fed Chairman, the SEC Chairman and the Treasury Secretary need to resign in the wake of this financial meltdown.

    Nancy Pelosi and Harry Reid also need to resign. They are clueless. They have provided no oversight, they are not putting any sensible solutions on the table to help the American people in this crisis, and worst of all, they are adjourning Congress next Friday (Sept. 26th) for vacation and to campaign until after the Nov. 4th election which runs right into their Thanksgiving, Christmas, New Year’s holiday schedules, so basically this Congress is finished doing the people’s business until a new Congress is sworn in sometime in January 2009. One can only hope that many of these Congressional leaders will be sent home on permanent vacation. The American people had better wise up and clean House and sweep the Senate in November. There is such a leadership vacuum in Washington right now.

    I’m voting McCain/Palin since Sen. Clinton is no longer an option. I will also be voting against my incumbant Congressional representatives because they have not shown the integrity to stand up to the corruption and money changers in Washington.

  4. Diamond Tiger says:

    I am thinking that the time for bailouts is coming to an end and more people will be held responsible for their mis-actions. The whole country is up in arms and everybody’s nerves are raw now from the primary season and the bad economy. The tsunami of change that Bambi wanted is here; not just the kind he was expecting. The sleeping giant is now awake.

  5. JQ says:

    Excellent post – tragic they’ve thrown away the Leader who was fully prepared and saw this crisis coming.

    Now it’s up to US. Join the Action. Put Principles over party at:

    http://www.wam08.org

    It’s time to W.A.M them – defeat obama and corrupt Congress!

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