Sep 19 2008
Bush Quietly Comes To The Rescue
President Bush’s economic team hit the streets today and probably pulled America from the brink of a disaster. And instead of making this political – he did quietly in order for those in Congress who have to make these corrections law could do so without partisan rancor.
It’s not that Bush is partisan, it’s because the Democrats have such poor self control that they go into frothing partisan hysterics whenever they must confront him on the public stage. So, to make sure country came first and to make the eating of crow by the do-nothing Congress (which was 24 hours ago going to leave town and do, well, … nothing) some what palatable, Bush let his two top financial representatives go down to the Hill (classy move there, instead of demanding Congress traipse to the White House) and explain reality.
And from what I can tell from Chris Dodd and others (Chris Dodd being the top recipient of donations by Fannie Mae and Freddie Mac, which of course skimmed that money out of Americans’ mortgage payments) the news Bernanke and Paulson told folks was of nightmare. There were rushes on money funds and all sorts of signs a confidence melt down was about to break (BTW, a big THANKS FOR NOTHING to Obama and the Dems for falsely claiming we are (a) in a recession and (b) in a depression).
And the solutions look good, with minimal impact on the taxpayers. The Government will buy up the worst of the bad mortgages (no word on level they will go to) to take the risk off the hands of the idiots who bought into it in the first place. There will federal insurance on money funds to stop the movement of money there. Some want a stimulus package (which I doubt we need).
The news of pending doom combined with some stellar solutions made the day and now Congress has something to do – follow the administration’s plan and stop this economy from sinking in self doubt. One thing to learn from all this is actions and words do have consequences. This is the second time the left has tried to shake this country’s confidence by making it fail and look weak. They tried with Iraq when they demanded we surrender to al-Qaeda at the very time we were kicking butt with our new Iraqi Muslim allies.
And we all know Bush and McCain called for fixing this mess years ago to be derailed by the same liberal clap trap that said demanding solid credit for accessing mortgages is somehow racist. Is it racist now? Also, don’t forget that most families are getting hit by two screw ups by the left. Not only the housing market but the energy prices took money from people’s pockets and the mortgage payment was probably one of those things that fell off the list of things to pay. Without a near doubling in the price of gas there may have been a lot less loan defaults out there. The bad loans were aiimed right at the people who could afford a energy price increase – the perfect liberal policy storm.
President Bush deserves the everlasting thanks of America for having a superior team in the White House, for quickly fashioning solutions that minimize the hit on taxpayers, for delicately dealing with a reactionary and angry Congress so they can do their part – and for doing it without trying to claim the spotlight or glory. This is why America has been so fortunate to have Bush lead this country. Not only did he save us from another terrorist attack for 7 years now, he saved us from another ticking time bomb left by the youthful inexperience of the Clinton administration.
Bravo. Exactly right.
One classy human being our President. The sad part is that because he doesn’t toot his own horn like one Bill Clinton, many think he has done little or nothing. Others even claim his victories. In 2003 he asked for more oversight of Fanny and Freddy. Who remembers? In 2001 his office produced a comprehensive energy plan. We are going to miss him!
you know right now pelosi obama and reid are like “how can we frame this in the worst possible light ever”
And you just know that Pelosi, Obama, and Reid will come back with “Yeah, the Republicans fixed it because THEY’RE the ones who f___ed it up in the first place!” (despite all the evidence to the contrary).
Excellent, excellent commentary, AJ. We are going to miss this wonderful man. Having an adult in the White House is what we needed. He is a great man. And has been said before, I think at IBD, he really has not failed at anything. We owe him lifetimes of gratitude. Man, what he has had to go through is unbelievable. I don’t know of anyone else who could have done it with the grace, courage and groundedness that he has.
Bring it on, liberal historians and media. We WILL NOT tolerate your lies and intellectual DISHONESTY ANYMORE.
a personal question, if you’ll permit, Aitch, about the source of your nick. I’ve read a very good civil war diary named “Company Aitch” and I was wondering if you were from Kentucky. (please forgive my question if you think it’s inappropriate)
Spot on A.J.
I am curious to see if the lefties are dumb enough to try to blame this on Bush.
Perhaps the fact that some high finance folks like Donald Trump and the Lady Rothchild ,who are normally Dems, are coming out for McCain, had something to do with the fact that Bill Clintoon and the do nothing congress almost single handedly put this country into the second great depression a sin that they would never be forgiven for.
There is a reason Dodd, Pelosi, and Obama are so quiet right now either they are trying to figure out how to pass the blame or were told the blame would be placed squarely upon their shoulders with no way out should they not go along and fix the mess they created.
After all if you and I stood to loose our savings how much would the Rothchilds and Trumps stand to loose and would they take it lying down? I think not.
I hope to hell Bush, Cheney and company write books, they have been gentlemen in a pack of scum for far too long.
It is good to see that Bush is doing something, Reid and Pelosi were going to close up shop and wait until next year to do anything.
But I am just hoping that there will be real reform and keep this form happening again. There needs to be some kind of better standards for giving loans to people.
Whatever happens, at least Bush is trying to fix it, I just wish the Democrats would have listened in 2003 or 3005 when McCain was calling for some real reform, but both times were blocked by the Democrats.
No, I’m not from Kentucky. “Aitch” is just the first letter of my real name. 🙂
Here is a paper trail:
http://www.pajamasmedia.com/instapundit/archives2/024571.php
These articles are devastating for the dems. They also speak vols for Repubs who were too timid to overpower the dems back in 2003 when Bush proposed this. Probably, repubs were scared they would be labled racist if they tried to curb handing out mortgages to people who couldn’t afford them or would treat them as a lease that could be broken… I just do not see how this can be laid at Bush’s doorstep ala Katrina. Chris Dodd should be fired by the people in Conn. McCain should have adds running 24/7 that flash “Obama received $126000 from FANNIE MAE, Second only to DODDDDDDDD!!!!!!!!
What do you make of the polls, AJ? Is there funky stuff going on with the sample sizes?
Aj:
Exactly right. I guess Paulson told Pelosi and Reid to stick around when they said they wanted to run away from DC.
I am not very smart on this stuff… but… if I buy a used car that turns out to be a lemon… That is, not worth what I paid for it… Do I not STILL have a car… The car I paid $1,000 for is only worth … say… $700… So I am out $300… Not the entire cost if I try to resell it…
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Is that not the same as us taxpayers buying bad mortgage paper? We still own the house… even if we cannot sell it at what we bought it for…
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Am I wrong or just a simpleton? Therefore, we taxpayers will not be out the entire seven hundred billion $$ or whatever it is… We will be out some percentage of that… certainly a great big hit… no denying that… Dunno quite what I am saying here…
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And do not answer the simpleton question.
Toes: From a few people I heard on the news and other places, I came away with the thinking that what Fannie Mae allowed for banks to issue x amount of loans on only the real funds that would pay for one of them.