The Classic Liberal Blog

There's quite a bit to cover in the current banking debacle ... how, why, who, and what to do.

First, I'd like to recommend a terrific 5-part investigation on this current "financial crisis" by BoomerJeff over at Liberty Works.  I'll also piece it together over a series of posts, but BoomerJeff covers topics I won't, and you'll want to know the whole story.  After all ... the mainstream media isn't going to tell you.

Why?  I don't know ... sometimes I think it's conspiratorial, but more often than not, I think it's because they're clueless.  Sure, they have an incredible knack at reading a teleprompter and talking in that "news" voice, but doesn't that mean they're more of an actor ... an entertainer?

I'd like to start diving into the current banking debacle myself with a couple important quotes:

It's the philosophy that says we should give more and more to those with the most and hope that prosperity trickles down. It's the philosophy that says even common-sense regulations are unnecessary and unwise.

So let's be clear: what we've seen the last few days is nothing less than the final verdict on an economic philosophy that has completely failed.

- Senator Barack Obama (D), September 16, 2008

$700 billion. A staggering number. But only a part of the cost of the failed Bush economic policies to our country. Policies that were built on budget recklessness.

And now eight years later, the foundation of that fiscal irresponsibility, combined with an anything goes economic policy, has taken us to where we are today.

- Speaker Nancy Pelosi (D), September 29, 2008

Questions for Obama:

Who is giving what to "those with the most?"  Of course, we know you're saying this to claim that "those with the most" aren't taxed high enough, but I've got news for you Mr. Obama ... This is important, because it's a simple yet fundamental fact that a person desiring the most prestigious office on the planet should understand.

Government, that entity Obama likes to call "we", TAKES money from people.  Government DOES NOT have any money of its own.  And on this "final verdict" claim of yours, could you connect the dots please?  How did lowering peoples taxes, resulting in higher cash-flow per individual make people default on their loans?

Questions for Pelosi:

Specifically define Bush's "anything goes economic policies," how he is responsible for "budget recklessness," and how these bank failures were somehow the result of these?

And a lesson for you too Speaker.  The executive branch (or as you like to say, "Bush") doesn't control the federal budget.  Congress does.  That's you, right?

Conclusion:

It's very clear that neither of these two professional politicians have a clue about what's going on, so the resort to the only thing their little political brains can muster ... partisan bickering and Big Bold Promises (copy writing 101).

We'll dive into this deeper over the next week or so, but for now, I'd like to leave you with an excellent video produced by NakedEmporerNews.  This is a video from a Congressional hearing to investigate Fannie/Freddie.  Despite Nancy Pelosi claiming the crisis totally caught her by surprise, many other members of Congress have trying to avert this problem for a long time.