Yesterday, the gang at CNBC interviewed Congressman Paul Kanjorski (D-PA) regarding the financial reform bill the D’s are pushing. At one point in the interview, Rick Santelli – he of the famous “Tea Party Rant” – let loose with another brilliant, right on target barrage at the patronizing bullpuckey the Congresscritter was serving up as justification for the legislative shell game they’re playing on Capitol Hill.
Say what?????!!!!! They could reform Fannie and Freddie, but they won’t because it’s too complicated???? If that isn’t a WTF answer, I’ve never heard one in my life.
Democrats are not only unwilling to reform Fannie and Freddie, they are doubling down on the failed government mortgage companies – burning through hundreds of billions of taxpayer dollars in the process. As the Washington Post noted in a report today: “Under the terms of the government’s 2008 emergency takeover of Fannie and Freddie, the Treasury must pump money into either firm whenever its worth, as measured by assets minus liabilities, goes into the red. Late last year, the Obama administration pledged unlimited backing.â€
For years, Republicans raised red flags about Fannie and Freddie’s financial condition and proposed responsible reforms only to be thwarted by Democrats who have deep political ties to the worst offenders. These same powerful Democrats are now pushing for a financial reform bill that doesn’t even address the need to fix these government mortgage companies. As the Wall Street Journal wrote last week, “reforming the financial system without fixing Fannie and Freddie is like declaring a war on terror and ignoring al Qaeda.â€
So just to make sure us remedial kids get this right: They know there’s a problem. They know what the problem is. They know there’s a solution to the problem. They aren’t going to fix the problem because it’s too hard.
I have an idea.
Let’s use an old-fashioned concept that my father used to fall back on when I was a kid and didn’t want to complete a task because it was too hard to do. He made the consequences for not doing the assigned task more unpleasant than the effort to do it:
If your’e not up to the job you’re fired! (“I Can See November From My House”)
What do you mean…they are ignoring it? After all they have agreed to study Fannie and Freddie and expect a report back in January next year. What’s a few billion more between now and then. It’s not as thought they aren’t doing something….by then some of them will be gone. What do they care….