With all the buzz about the Feds corruption probe of Gov. Illinois Rod Blagojevich it’s easy for things like this Wall Street Journal column to be missed. Whitewashing Fannie Mae Congress begins its self-absolution campaign. Henry Waxman’s House Committee on Oversight and Government Reform met Tuesday to examine “The Role of Fannie Mae and Freddie […]
My Give a Damn’s Busted
I haven’t been blogging much recently I’ve tied up a couple of projects that have to be finished before the end of the year, and frankly I’m so disgusted, disappointed and disillusioned with the behavior of our elected leaders my give a damn’s busted. It doesn’t matter what we think, they’re just going to keep […]
An Open Letter From Steven Horwitz
Economist Steven Horwitz published this open letter on September 28, 2008, if you haven’t read it you should. My friends, In the last week or two, I have heard frequently from you that the current financial mess has been caused by the failures of free markets and deregulation. I have heard from you that the […]
Credit Crisis: Chris Shays Comes Out Swinging At Congress
Democrats in Congress may not want to talk about their roll in causing the subprime meltdown by refusing to regulate Fannie Mae and Freddie Mac but Rep. Christopher Shays (R-Conn) does: H/T: Hot Air.
Finally: McCain Blasts Obama, Democrats for Fannie/Freddie Meltdown
Update: Scroll down for the video. It looks like the gloves are really off, John McCain is going to finally start talking about the economy and going after Barack Obama and Democrats for their roll in the failure of Fannie Mae and Freddie Mac. Our current economic crisis is a good case in point. What […]
Bush: “We don’t want to rush”
Say what??? Oh the irony… As global markets plunged, President Bush on Monday said “it’s going to take awhile” for the government’s $700 billion financial rescue plan to bolster the troubled U.S. economy. Bush said the purpose of the package was to unlock the nation’s credit freeze “to get money moving again.” But, he added: […]
The Credit Crisis Explained
Well there you have it.
Bailout Deal Reached?
The Wall Street Journal is reporting that lawmakers reached a tentative bailout deal overnight: Top U.S. policy makers emerged from hours of tense negotiations with a clear message just after midnight Sunday morning: A deal to bailout U.S. financial markets has been agreed on and all that remains to be done is to commit the […]
Bailing on the Bailout?
It looks like the bailout deal, if there ever was one, is collapsing… Democrats and Paulson are whining. ABC News’ George Stephanopoulos Reports: Treasury Secretary Henry Paulson fears the Wall Street bailout deal is falling apart after a chaotic White House meeting, sources say. Paulson walked into the room where Democrats were caucusing after today’s […]
Newsflash: Wall Street Journal Reporting Agreement in Principle Is Reached on $700 Billion Bailout
From the Wall Street Journal: Congress reached an agreement in principle on a $700 billion package to bail out the financial industry, leaders from both parties said Thursday. They plan to present the deal to the White House later Thursday, hoping for a vote within days. Lawmakers said there were few hurdles remaining. “There really […]
A Failure of Leadership
What I said yesterday about McCain and leadership… Scratch that. My first reaction to John McCain’s announcement that he was suspending his campaign and returning Washington to help craft a financial bailout plan was positive. I though it was bold move that could pay huge dividends down the road. This morning, after rolling it around […]
Anatomy of a Crisis
The more I think about the Bush Administration’s proposed 700 billion dollar back bailout the madder I get. The “credit crisis” wasn’t created by by greed and mismanagement on Wall Street. It was created by politicians who thought they could substitute well intentioned politically correct regulation for sound financial practices. Economist Stan Liebowitz has an […]
Credit Crisis Redux
Today’s Wall Street Journal takes a look at our current credit crisis and how we got here. Among the culprits the Journal identifies: The Federal Reserve. Fannie Mae and Freddie Mac. A credit-rating oligopoly. Banking regulators. The Community Reinvestment Act. The conclude their analisys by thusly: We could cite other Washington policies, including the political […]
The Democrats Credit Crisis…
The more I dig into the history behind our current crisis the more outraged I become… Commenter Veretax writes: “I think the American people have had it with this situation where the middle-income people in our country are not protected from the ramifications of the risk-taking and the greed of these financial institutions,” Pelosi told […]
How Did We Get Here?
Ed Morrissey @ Hot Air asks “Whose policies led to the credit crisis?” The answer depends on who you ask… Democrats of course blame Republicans and Republicans of course blame Democrats. Personally, I think it’s safe to point fingers at both parties and the Federal Reserve Board. The roots of the current credit crisis can, […]