The Economic Crisis Obama Inherited

The Hot Air Greenroom sets the records straight on this media-perpetuated myth:

Five years ago, Republicans proposed “the most significant regulatory overhaul in the housing finance industry [in a decade].” (Source: New York Times)

Democrats on the House Financial Services Committee blocked efforts at fixing Fannie and Freddie. Rep. Barney Frank (D-MA) said, “Fannie Mae and Freddie Mac… are not facing any kind of financial crisis,”

At least 18 times since 2001 Democrats blocked efforts at overhauling Fannie and Freddie even as accounting scandals and executive ripoffs became public.

Why? For starters, the top two recipients of Fannie and Freddie campaign donations were Democrat fatcats Chris Dodd ($165K) and Barack Obama ($126K) (Source: Open Secrets)

And Fannie Mae paid well. Clinton-era Democrats, serving as the CEO, CFO and Vice Chairman, paid themselves $200 million in only six years even while a $10 billion accounting scandal was exposed. (Source: Wall Street Journal)

And Democrats like Chris Dodd also got favorable loans under a “VIP program.” Dodd alone saved over $75,000 on his mortgage payments. (Source: Conde Nast Portfolio)

So where are former Fannie Mae CEOs like Franklin Raines ($90 million in salary) and Jim Johnson ($21 million in salary in one year)? As you might expect, they’ve served as Barack Obama’s key economic advisers. (Source: Washington Post)

With a track record like that, it should have been easy to predict the spectacular economic success of a Democratic Congress combined with the Obama administration.

Now put on your thinking caps and imagine the results of the Democrats’ current attempts at social engineering:

• Carbon “Cap-and-Trade”: in other words, pretend that carbon dioxide is toxic in order to regulate every aspect of human affairs;
• A taxpayer-funded “Green Jobs” program: put simply, pretend that Government can magically create new energy sources by artificially restricting access to a four-decade supply of oil, natural gas and coal;
• Card Check: at its heart, replicate the success of the American auto and steel industries by allow Union bosses to intimidate workers into become dues-paying members

We must fight this insanity using every political tactic available to us.

The fate of our country depends on repelling these ludicrous Marxist schemes.

And the Marxist-loving media sycophants that protect them.

There's my two cents.