
By Mr. Curmudgeon
President Obama was riding high after signing his Wall Street reform legislation into law. Then Neil Barofsky, special inspector general for the Troubled Asset Relief Program (TARP), came along to rain on the president’s parade. Barofsky’s report to Congress estimates that US taxpayers are on the hook for $700 billion this year (heaped atop an already staggering $3.7 trillion), resulting from the administration’s effort to stem the growing foreclosure rate. And the culprits?
“The increase was largely due to the government’s pledge to supply capital to Fannie Mae and Freddie Mac, to buy their securities and guarantee mortgages to prop up housing,” reports the Reuters News Service. It’s funny how the President’s “sweeping financial reform” accidentally left out Freddie and Fannie…on purpose.
Barofsky lived up to his reputation for being Rep. Barney Frank and President Obama’s worst nightmare. “…I fear that the growing public suspicion that this program is an outright failure will continue unless and until Treasury…comes clean with what its goals and expectations are.” Ouch.
And while the president and his party howl about compensation for executives at the nation’s largest banks and brokerage houses, CEO’s Michael Williams (Fannie Mae) and Charles Haldeman Jr. (Freddie Mac) are both pulling in $900,000 a year. Where big government is concerned, nothing succeeds like catastrophic failure.
And speaking of failure, Obama’s “sweeping financial reform” just gave “too big to fail” the weight of US law. Now Barney Frank and friends can continue feeding the beats Freddie and Fannie tax dollars so as to continue their destructive behavior.
When conservatives criticize Obama’s new draconian law for overburdening our damaged economy, he will no doubt don his trusted fig leaf for cover. “I didn’t create TARP,” he’ll say, “Bush did.” And, sadly, he will be right.
Remember John Snow? As Bush’s Treasury Secretary, he once testified before Washington’s lawmakers, saying they needed to draft “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises [Freddie and Fannie].” He was ignored by his president and a Republican controlled Congress. A Wall Street Journal poll of leading economists declared Snow an ineffective Treasury secretary by a margin of two to one. Bush eventually fired him.
During the 2008 campaign, John McCain suspended his politicking to participate in legislative negotiations that began the “too big to fail” bailouts. “Now is the time to come together,” said McCain to the adoring press, “Democrats and Republicans – in a spirit of cooperation for the sake of the American people.”
Obama’s White House Chief of Staff, Rahm Emanuel, once said, “You never want a serious crisis to go to waste.” The economic crisis that now engulfs our nation, and that Obama uses as an excuse to radically transform America, is the handiwork of Democrats and Republicans working together in a “spirit of bipartisan cooperation.”
Yesterday, senior economist at CoreLogic, Sam Khater, told the Associated Press, “The Economy and the housing market are going to remain stagnant for a long time. There’s nothing that’s going to propel sales anytime soon. It’s all about jobs and income growth.”
Obama’s transformative socialist agenda makes certain that jobs and income growth will remain a distant mirage. And we can thank that damned “spirit of bipartisan cooperation” for it.
America, is it beginning to dawn on you why the Tea Party is so important? This is a drum I will continue to beat until I stop hearing how the Republican Party is the answer to all our problems. They controlled Congress for twelve long years. There was even a Republican president in the White House for six of them. Where were they?
If John McCain returns to Washington after the midterms, do you really believe he will work to undo the horrific damage done to the American people by Obama? Or will he revert to “maverick” mode and obstruct every rational attempt to repeal our current socialist transformation? You know the answer.
There are currently 178 Republicans in the US House of Representatives. Twenty-eight formed a “Tea Party Caucus” giving lukewarm support to the principle of limited government. The question is, Where was the Republican leadership?
“He hates being politically labeled,” said POLITICO.com of Republican House Minority Leader John Boehner. “That’s why he avoids joining caucuses. For example, earlier this week he passed up the opportunity to join the House Tea Party Caucus.” The last thing a man of conscience wants to do during a time of great crisis is take sides in an epic moral struggle to save his country. President Obama and Nancy Pelosi, on the other hand, were all to quick to choose the distructive dark side.
Tea Party, Tea Party, Tea Party!