The Credit Crisis: A Bipartisan “Achievement”by Stephen Littau
First, President Bush in 2002 pushes for increased home “ownership” regardless of creditworthiness.
Second, despite what Nancy Pelosi says, the Democrats most certainly did their part to help President Bush succeed in his “ownership society.” These Democrats who scream that this credit crisis is a result of lax regulations didn’t much appreciate the regulators when they warned that Freddie and Fannie were in trouble as early as 2004.
rescue package bailout was also a bipartisan “achievement.” Despite these bipartisan efforts, as of this writing, the Dow Jones Industrial Average has dropped to 9720 (-235 so far today).
In tonight’s debate we can almost certainly count on John McCain and Barack Obama talking about “bipartisanship” and how each will “reach across the aisle” to get things done. As McCain and Obama reach across the aisle, we’ll be reaching for our ankles and say “Thank you Mistress Helga, may I please have another?”
That’s exactly what we are going to do. We are going to elect one of these two collectivists into the White House in just a few weeks and we are going to send Democrats and Republicans back to the House and the Senate and ask them to abuse us more.
Make no mistake: this credit crisis is a bipartisan government achievement. What it is NOT is a failure of the free market.