I was awakened today as usual by my clock radio, which happened to be set on a talk show. Blah, blah, blah about the financial crisis, with some sort of Wall Street “expert” saying that this happened because of a lack of regulation, and that it is historically the Republicans who are against regulation and in favor of unfettered free markets.
That certainly woke me up in a hurry
The idea that Republican opposition to regulation is currently to blame is a meme I’ve heard over and again—mostly from Democrats, and most particularly from Barack Obama in the opening minutes of the first Presidential debate. But in the case of the present financial crisis, although it’s possible and even obligatory to say that there’s fault on all sides and plenty of it to go round, it seems very clear that: (a) an extremely vital impetus for the subprime loans which drove this particular sequence of financial problems was the Democratic demand—and the translation of that demand into a legal obligation—that it is the right of even those who can’t afford homes to have them nevertheless; and (b) that in this case it was Republicans who repeatedly tried to regulate Fannie and Freddie and Democrats (including many of those who spout off most piously and most mendaciously today) who repeatedly blocked them.
If you missed this earlier, please take a look now:
Why is this particular fact so hush-hush that I doubt most people outside the rather narrow confines of the blogosphere are aware of it? Is it because it is such an inconvenient one for the Democratic cause, and most of the MSM is in the tank for Democrats? And if so, why did even John McCain keep his mouth shut about it in the debate as he listened to Obama declaring in his opening statements that the crisis was, “…a final verdict on eight years of failed economic policies promoted by George Bush, supported by Senator McCain, a theory that basically says that we can shred regulations and consumer protections and give more and more to the most…”?
Some think it’s because McCain didn’t want to jeopardize the all-important negotiations going on between the parties by trashing the other side. Some say he doesn’t have the fire in the belly. Some say he’s waiting for the bill to go through, and then he’ll speak up. Some say he’s relying on the 527s to do the work. And of course Democrats and Obamaphiles (not to mention Nancy Pelosi) say it’s because the Democrats are innocent of any wrongdoing or responsibility.
I can’t quite fathom why McCain held back, because the Democrat fingerprints are all over this one. Perhaps he really is the “country first” statesman he says he is. If so, it would be an irony of truly Orwellian proportions if that fact causes him to remain silent, and allows the lies of the Demcrats about their own role to become the dominant explanation in voters’ minds.