Patterico's Pontifications

9/30/2008

Should Heads Roll As a Condition of a Bailout?

Filed under: General — Patterico @ 9:01 pm

Pat at Stubborn Facts says no bailout should happen unless there is accountability for the people who caused this crisis:

I want some accountability for the politicians who got us into this mess. I want accountability for Chris Dodd and all the other Friends of Angelo. I want accountability for all the politicians who fought Richard Baker tooth and nail while he steadfastly pursued (and ultimately exposed) the fundamental corruptions of Franklin Raines, Jim Johnson, and Fannie Mae and Freddie Mac. I want accountability for the Republican leadership who neither supported Rep. Baker nor gave him the power needed to accomplish further reforms.

If this is really that big a crisis, if the political decisions made and not made over the past 15 years have gotten us to this point, I want resignations. I want loss of committee positions. I want both parties to clean house and put honest folks in charge. Yes, there’s honest folks in Congress… the problem is that the fat cats and sleazeballs get the leadership positions. Pelosi wants this bill passed so bad? Tell Harry Reid to remove Dodd from the banking committee. Bush wants this bill that badly? Tell the GOP in Congress to put people like Mike Pence in charge of committees. I’m not supporting a bail-out until I see some evidence that Congress has looked in the mirror and accepted its role in causing the problems.

Pat has more here.

He’s got a point. Politicians and their appointees are forced to resign all the time for things a hell of a lot less significant than a crisis requiring a $700 billion bailout. Where’s the accountability here?

But is Pat right about who should bear the blame? Don’t take my word for it. Believe your own ears and eyes.

Via Ed Morrissey at Hot Air comes this amazing eight-minute video contrasting the attitude of Republicans and Democrats on Fannie and Freddie. You can’t make this stuff up. Here they are in their own words:

Heads should roll.

UPDATE: Pat received a detailed comment from Richard Baker on one of his posts. You can read it here. Pat tells me that he verified the comment was from Baker.

Fascinating.

Hey, Richard Baker! If you should happen to read this, I’d love to talk to you. patterico AT gmail DOT com.

31 Responses to “Should Heads Roll As a Condition of a Bailout?”

  1. That video will never see the light of day …

    JD (f7900a)

  2. And again I suggest that McCain promise that heads WILL roll if he’s elected. In Congress, on Wall Street, in the Bush White House, Republican or Democrat. A thousand FBI agents told to go get them. We’ll build prisons if we have to — you can build a lot of prisons for $700 billion.

    Kevin Murphy (0b2493)

  3. With things like this, where some folks should resign in disgrace, I think of what Archie Bunker said (paraphrasing): “At least in Japan they have the decency to do the right thing — they kill themselves!”

    For the record, I draw the line at even requesting a small self-mutilation. But a resignation should be at least offerred shouldn’t it?

    Viktor Nehring (6c107f)

  4. Now we have the light of day glaring down on the politicians, their actions and inactions, their statements and affiliations with the current economic crisis, yet we see no action in the Senate to police their own. No censures, no replacements on committees, no resignations and no apologies.

    You weren’t really expecting accountability in Washington, were you?

    Jay Curtis (8f6541)

  5. I particularly like the guy who was “pissed off” because he now had to actually sit on a panel to discuss the irregularities found by the regulators. Isn’t that what he is being paid to do?

    And just for JD, notice that all the Democrats shown in the video covering for Fannie Mac are black, except for Dodd. (He is just stupid.)

    Yes, I denounce myself as a racist. Cause skin color is not obvious or anything.

    I particularly like the guy who was “pissed off” because he now had to actually sit on a panel to discuss the irregularities found by the regulators. Isn’t that what he is being paid to do?

    Jay Curtis (8f6541)

  6. Sorry for the repeated line, hit the enter key too fast.

    Jay Curtis (8f6541)

  7. I saw this video for the first time Sunday afternoon (along with the “Burning Down The House” video), watched it several times, and posted links to it on several blogs and forums where I post. To my delight, Rush got hold of it, and he introduced and then played the audio portions. Sean Hannity did too. Rusty Humphries just did the same this evening.

    It’s nice to be a part of bonafide viral video. But there’s one thing that’s profoundly sad about the phenomenon: It took an anonymous dude who had saved or had access to four-year old C-SPAN video footage to create this supremely informative, effective, and entertaining presentation shedding rare light on what caused the crisis. The GOP and the McCain campaign not only couldn’t have done it better, they don’t seem to have any desire to make an attempt.

    Why couldn’t the RNC have done this? Is there anybody over there with anything resembling moxie?

    L.N. Smithee (e758bd)

  8. Oh, and one more thing: the OFHEO regulator, Armando Falcon, Jr., predicted the failure of Fannie and Freddie if they were allowed to operate the way they were. To my knowledge, nobody — not even Fox News Channel or Fox Business — has tracked Falcon down for comment.

    L.N. Smithee (e758bd)

  9. “…no bailout should happen…”

    That part I agree with.

    Dave Surls (a1b6b1)

  10. And just for JD, notice that all the Democrats shown in the video covering for Fannie Mac are black, except for Dodd. (He is just stupid.)

    Yeah, I noticed that too. It must have been that the only Democrats saying stuff critical of the regulators were black.

    Or that the person cherry-picking the comments had some motive for emphasizing the black Democrats. Hmmm. . . nah, that couldn’t be it.

    Phil (3b1633)

  11. The GOP and the McCain campaign not only couldn’t have done it better, they don’t seem to have any desire to make an attempt.

    The McCain campaign seems to be about as effective as the Kerry campaign was.

    Michael Ejercito (a757fd)

  12. Should? Yes. Will? No.

    Soronel Haetir (644722)

  13. The sequence of this whole thing is way out of whack. Before the bailout, there should have been ceos jumping from skyscrapers, people like Raines and Gorelick slashing their wrists as the FBI is pounding down their doors with a battering ram, etc.

    Now we have the market losing a trillion dollars in one day after Bush and Pelosi look into America’s eyes and tell them that there is a great depression coming that we could never fully recover from. They then point to the result that the panic caused the day after yelling fire in a crowded theater and say “see, I told you it’s bad!”. No one has asked for Bush’s or Pelosi’s impeachment after this. The government is psychotic.

    j curtis (3c4f3b)

  14. Hmmm. . . nah, that couldn’t be it.

    Gee, Phil, I can’t help but notice that the head of this mess happens to be…black? Help me out here, because my eyes aren’t as good now that I’m well into my 40′s.

    Dmac (e639cc)

  15. Gee, Phil, I can’t help but notice that the head of this mess happens to be…black? Help me out here, because my eyes aren’t as good now that I’m well into my 40’s.

    What’s your point?

    Phil (6d9f2f)

  16. BTW, I’ve always felt that the moment when our country reaches full maturity about these things is when everyone (black, women, yellow) is fully examined, regardless of their race, gender or ethnic background. The infantilization will continue unless the MSM starts to act like honest and objective brokers, for once in their lives. We’re just seeing the beginning of this evolution, as witnessed by the sacking of incompetent women CEO’s and at some lower – level gov’t positions.

    Dmac (e639cc)

  17. That’s my point, Phil.

    Dmac (e639cc)

  18. I still don’t understand how a video that appears to be cherry-picking the craziest things that black democrats had to say at the hearing, (and Maxine Waters is pretty much a nutjob) and juxtaposing them with the most predictive statements of the white republicans, has anything to do with what you’re saying.

    To me, that video is saying “black Democrats are crazy — ergo, the black Democrat nominee is crazy.” It’s not a “thorough examination” of anything.

    Phil (6d9f2f)

  19. Now, Phil; Maxine was just defending her good friend “Frank”, who was being pilloried upon the public pyre for trying to put a roof over the heads of the downtrodden and semi-destitute.
    Of course, the fact that he scammed the system for millions, and had to pay back (what was it) $22M, has nothing to do with it.
    Oh, BTW, you might want to check and see how much campaign cash Ms. Waters raked in from Fannie and Freddie; it is not an insignificant amount.

    AOracle (ec995e)

  20. Phil, if you want to claim racism, then you need to actually do some research and determine the racial make-up of the committee, whether both white and black Democrats were saying the same things. It’s entirely possible that the Democrats arranged for the opposition to come from mostly the black members, precisely to make any Republican hostility toward Fannie and Freddie look racist.

    But hey, way to try do distract everybody from the Dems culpability by playing the race card! The true racists today are the ones who deflect every legitimate criticism by charging racism without evidence.

    PatHMV (653160)

  21. But hey, way to try do distract everybody from the Dems culpability by playing the race card! The true racists today are the ones who deflect every legitimate criticism by charging racism without evidence.

    PatHMV, you obviously don’t know my positions on this issue. I make no apologies for the handling of Fannie Mae and Freddie Mac. I think the Democrats continue to be complete morons regarding the financial crisis and its origins(although I’m slightly hopeful that Buffet and Soros might actually talk some sense into them).

    But the video, to me, looks like a race-baiting setup. You’re right that this might have been limited to commentary by black Democrats; I will try to see if that was the case. If it is, I’ll be relieved. I do think that Republicans are putting racial undertones into a lot of their criticism of Obama on the economy, in their use of photos and video.

    The subprime crisis was certainly seriously impacted by the moronic polices regarding Freddie and Fannie. But those moronic policies weren’t justified merely on the basis of race. Yes, the idealistic affirmative action folks thought that subprime loans would help minorities, and they encouraged/lauded the growth in subprimes; but that isn’t why the subprime crisis happened.

    That spin on the crisis gives them way too much credit for controlling what happened (as opposed to approving of it, which they did), and ignores the huge risks taken for huge profits (not to give handouts to minorities) by people who should have known better, and who were paid to know better.

    Phil (6d9f2f)

  22. Richard Baker has certainly earned membership in that select fraternity which Enoch Powell described this way: “The supreme function of statesmanship is to provide against preventable evils.” Good for him!

    dchamil (2bbdce)

  23. To me, that video is saying “black Democrats are crazy – ergo, the black Democrat nominee is crazy.”

    All Dhimmicrats are crazy, it doesn’t matter what color they are.

    ML (14488c)

  24. Assrocket @POWERLINEAUGUST 08, 2005
    THAT HISSING SOUND IS KRUGMAN

    It must be depressing to be Paul Krugman. No matter how well the economy performs, Krugman’s bitter vendetta against the Bush administration requires him to hunt for the black lining in a sky full of silvery clouds. With the economy now booming, what can Krugman possibly have to complain about? In today’s column, titled That Hissing Sound, Krugman says there is a housing bubble, and it’s about to burst
    …Well, if we believed anything Krugman writes, we’d be worried all the time. Or at least until we have a Democratic administration, when everything will be rosy again. Krugman’s description of the housing bubble is amusing for what it reveals about how Krugman views the country

    And as has been said again and again, and again, the big problem wasn’t Fannie and Freddie

    Readnek (105b91)

  25. And by the way, this thread includes a list of what what was in Oxley’s bill. The one Frank and the Democrats signed onto but which went down in the Senate and earned the FU fro the WH.

    Readnek (105b91)

  26. Phil wrote:

    I still don’t understand how a video that appears to be cherry-picking the craziest things that black democrats had to say at the hearing, (and Maxine Waters is pretty much a nutjob) and juxtaposing them with the most predictive statements of the white republicans, has anything to do with what you’re saying.

    Last time I checked, Phil, Barney “There is no crisis” Frank wasn’t black. And it doesn’t matter whether or not Maxine Waters is a nutjob or not, she is still on that committee, and her vote counts just as much as the non-nutjob Dems (whoever they are).

    Regarding “predictive statements of the white Republicans” — excuse me? If you want to believe Obama, Pelosi, Reid, Frank, Kerry, or any other Democrat, they will tell you without fear of MSM contradiction that the Bush Admin and Republicans were uniformly against any regulation or oversight that might have prevented the series of events that brought us to the brink of economic collapse. What that video did is prove exactly the opposite. If what THEY said was true, it would have been Frank or Waters or Dodd or Meeks or Clay or Davis saying “this is probably worse than the report says it is,” NOT Christopher Shays.

    To me, that video is saying “black Democrats are crazy — ergo, the black Democrat nominee is crazy.” It’s not a “thorough examination” of anything.

    You’re seeing what you want to see, Phil, and like most Obama supporters, what you want to see is racism, whether it’s there or not. And as a black man that proudly doesn’t let the Congressional Black Caucus crowd tell me how I’m supposed to think, I can tell you — there is none.

    L.N. Smithee (0931d2)

  27. You’re seeing what you want to see, Phil, and like most Obama supporters, what you want to see is racism, whether it’s there or not. And as a black man that proudly doesn’t let the Congressional Black Caucus crowd tell me how I’m supposed to think, I can tell you — there is none.

    LNS, what I see is a veiled, cynical pandering to racism, not direct racism.

    It’s a lot like the folks who never say “Barak Obama” without the word “Hussein” in the middle. Do they connect Obama with anything to do with terrorism? No. Does doing so keep stirring mutterings of such possibilities among the ignorant? Yes. And it’s intentional.

    Phil (6d9f2f)

  28. ” Is there anybody over there [RNC] with anything resembling moxie?”
    Comment by L.N. Smithee — 10/1/2008 @ 1:03 am

    Republicans haven’t drank “Moxie” since TR’s day. We’re all “Kool-Aid” and white wine drinkers now.

    C. Norris (84e23b)

  29. Phil wrote:

    I think the Democrats continue to be complete morons regarding the financial crisis and its origins(although I’m slightly hopeful that Buffet and Soros might actually talk some sense into them).

    At the risk of sounding like Alex Freaking Jones, I wouldn’t be surprised if the tentacles of the venal cryptofascist Soros somehow were tangled in the near-collapse of the nation’s economy. He’s done it before elsewhere. From the International Herald-Tribune:

    [Soros] envisions a time, not so distant, when the dollar is no longer the world’s main currency and people will have a harder time borrowing money.

    Soros hopes his theories will finally win the respect he craves. But, ever the trader, he hedges his bets. “I may well be proven wrong,” he said. “I would say that I’m the boy who cried wolf three times.”

    Many of the people Soros wants to influence may view him with skepticism, in part because of how he made his fortune. In 1992, his fund famously bet against the British pound and helped force the British government to devalue the currency. Five years later, he bet — correctly — that Thailand would be forced to devalue its currency, the baht. [...]

    And Soros wants Obama to win. In fact, you can say Soros is Obama’s left-hand man.

    L.N. Smithee (0931d2)

  30. Phil wrote: LNS, what I see is a veiled, cynical pandering to racism, not direct racism.

    That’s pure compost. There’s nothing anyone can do to convince people with your mentality that there isn’t “veiled” racism when a member of a minority is rightfully shown to be corrupt (except when that person is conservative, in which case s/he isn’t really a minority at all).

    We’ve been taught by the MSM and race hustlers to detect racism in everything. Some of us resist the knee-jerk reaction and dig further than headlines and sound bytes for evidence.

    If you want to see racism in an Oreo cookie, you can do it: “How come the white creamy filling gets all the attention when it’s the chocolate cookies that are holding it in place?”

    It’s a lot like the folks who never say “Barak (sic) Obama” without the word “Hussein” in the middle. Do they connect Obama with anything to do with terrorism? No. Does doing so keep stirring mutterings of such possibilities among the ignorant? Yes. And it’s intentional.

    Kinda like the way leftists in the media sparingly refer to Sarah Palin as “Governor Palin.”

    The middle name “Hussein” would not have any negative connotation if it wasn’t for his determination not to use it. His eschewing of his birth name typifies the murkiness of his political philosophy, associations and loyalties in his early adulthood and his political career, particularly considering his counting among his closest confidantes supporters of Palestinian extremists, endorsements from members of Hamas an unrepentant domestic (HELLO!) terrorist.

    If I were a betting man, I would wager that if he is elected, he will NOT allow “Hussein” to be mentioned by John Roberts as he takes the oath of office.

    L.N. Smithee (e1f2bf)

  31. Via Ed Morrissey at Hot Air comes this amazing eight-minute video contrasting the attitude of Republicans and Democrats on Fannie and Freddie. You can’t make this stuff up. Here they are in their own words:

    This is such cynical bs. Even as a partisan Democrat, I happen to agree that the Democrats on this committee did a poor job of oversight. But Fannie & Freddie are somewhere between trivial and irrelevant to the cause of this economic crisis.

    The Republicans wanted to shut these guys down, not because they understood the housing bubble, but because they were perceived as Democratic allies. They had no problem whatso-freaking-ever with the 90% of bad loans being made by Countrywide & every other major mortgage business, and no problem whatso-freaking-ever with what Goldman Sachs & Bear Sterns were doing with those mortgages.

    They were going after F & F b/c of their affiliation, period. They were right – by accident – but the passage of their bill would have done diddly-squat to change the crisis. It would just have kept Fannie & Freddie out of said crisis.

    glasnost (a51fd8)


Powered by WordPress.

Page loaded in: 0.5239 secs.