Fannie Mae and Freddie Mac fail and who steps in and bails them out? We do!
AIG fails and who steps in and provides a loan guarantee to bail them out? We do!
Who is providing oversight on these corporate rescue missions?
Well, we can all sleep well tonight knowing it’s the Bush Administration–the same people who sat back and allowed this debacle to happen.
So, when the housing market is thrown into chaos through greed and lack of government oversight eroding the values of homes across the country and causing more foreclosures than we’ve ever seen in the history of our great nation, where were the “compassionate conservatives” then? Taking care of business–big business that is.
This current economic downfall was advanced through the efforts of Phil Gramm nearly 10 years ago. He is a former U.S. Senator turned lobbiest who is THE senior level economic guy helping John McCain right now. Phil Gramm fostered the level of deregulation that brought the nation the Enron debacle and has contributed greatly to this situation in housing and banking. Phil Gramm is the guy who thinks we have a lot of “whiners” in the U.S. Nice guy. I wonder how many homes he owns? [Hint: It’s more than one. And, he’s not in danger of losing any.]
The “compassionate conservative” attitude seems to be “it sucks to be you.” Sure, individuals can lose their homes, their life savings, disrupt their children’s lives–it’s no big deal, right? I mean, in the bigger scheme of things, it’s not THAT many people that are affected compared to the entire population, right? And, it’s freeing up a lot of foreclosed homes at very attractive prices for people with cash to swope down and pick them up at bargain basement prices, right? That’s not so bad, right?
You see–the government is telling us that these major institutions are “too important to fail.”
Yet, if your name is John Smith, Mary Jones, Howard Kim, Maria Garcia–just a regular American citizen–in the bigger scheme of things, you aren’t all that important under “compassionate conservative,” Republican leadership. It’s okay for YOU to fail. Afterall, adversity only makes us stronger, right?
Nevermind that the system was horribly broken and these businesses that are now failing because they knowingly took advantage of people who many “compassionate conservatives” will suggest “simply should have known better.” Nevermind that the executives leading these companies have had a bad few weeks or months, but, it’s nothing like the middle-class has experienced. They will have difficult times for months or years to come.
Guess what–the people who took advantage are now victims of their own greed–greed that’s going to affect the American taxpayer to save them.
We can’t afford more “compassionate conservative” leadership.
Elect Barack Obama and Joe Biden in November and let them start the hard work to clean up the mess of the last 8 years.