Category Archives: Wall Street

Who’da thunk it? WaPo pins crisis on Democrats

An editorial in Monday’s Washington Post sets the record straight — at long, long, long, long, long, long last — on who bears the lion’s share of the blame for the current economic collapse. (Link via Captain Ed.)

Now that the worst is over and people have settled on the Bush Administration and John McCain as the blameworthy ones, the WaPo has jumped in to save the day with their brilliant revelation (which the hobos of the blogosphere have been screaming at the top of our virtual lungs for weeks now) that everybody’s got it precisely backwards.

They’ve finally clued in to the fact that the culprit was the deliberate loosening of lending standards by Democrats so that poor people (read: people to whom no sensible lender would ever think of issuing a mortgage) would be able to take out a home loan, regardless of ability to pay the thing back.  Not only that, but Bush and McCain in particular pushed more than once to exercise tighter oversight over this lax new policy’s primary vehicles, Fannie Mae and Freddie Mac.  These efforts at better regulation were stiffarmed at every turn by Banking Committee Democrats in the House such as Barney Frank and Maxine Waters, and those in the Senate such as Christopher Dodd and — the horror! — Barack Obama.  Dodd and Obama each took more campaign money from Fannie and Freddie lobbyists than all 98 of their Senate colleagues, which is an achievement for Obama, who has been in the Senate less than four years.

In Hot Air’s “Quote of the Day,” Allahpundit cites Orson Scott Card (described in an Editor’s Note as “a Democrat and a newspaper columnist, and in this opinion piece he takes on both while lamenting the current state of journalism”):

If you [in the journalistic trade] want to redeem your honor, you will swallow hard and make a list of all the stories you would print if it were McCain who had been getting money from Fannie Mae, McCain whose campaign had consulted with its discredited former CEO, McCain who had voted against tightening its lending practices.

Then you will print them, even though every one of those true stories will point the finger of blame at the reckless Democratic Party, which put our nation’s prosperity at risk so they could feel good about helping the poor, and lay a fair share of the blame at Obama’s door.

Read the whole opinion piece, because it’s a scorcher.

Somebody obviously slapped McCain awake

The McCain campaign has initiated a new, two-pronged attack, using prongs that should have been sharpened and brandished quite some time ago.

The McCain-Palin ticket appears finally to have been jarred awake by the prospect of humiliating defeat and begun going public with what I think are Barack Obama’s biggest exploitable weaknesses:  the bad company he keeps, and his fumbling of Fannie and Freddie.

Details, analysis, and links galore below the break.

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“We’re going to get a little tougher” UPDATE: Even Alec Baldwin, Senator!

Well, they’d better hope so.

According to the Washington Post, the McCain campaign and the Republicans are “readying a newly aggressive assault” for the final month of the election season, moving away from John McCain’s maverick-war-hero biography and shifting focus to Barack Obama and his associates; senior campaign officials offered Tony Rezko and William Ayers as examples.  (I love the WaPo’s description of Ayers, “whom the McCain campaign regularly calls a domestic terrorist because of his acts of violence against the U.S. government in the 1960s.” [Emphasis mine.]  Well, what would you call him?)

Sources at the campaign say that the new ad I touched on earlier, taking Obama to task over his description of himself as a “tax cutter,” was the leading edge of this new aggressive stance.  Hot Air backs me up that McCain will have to do better than that, and the best way to do it is to go national hammering the Democrats’ opposition to his drive for tightened oversight of Fannie Mae and Freddie Mac.

Details, and a dimly encouraging quote from McCain, below the break.

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Crap Sandwich Update: Fries with that?

The crap sandwich has gone down the hatch.  After Senate approval, the House bought the bailout bill 263-171. Unsurprisingly, my congressman voted to open wide.  President Bush reportedly has just signed the bill.

Party’s over.

UPDATE: Wall Street celebrates with a selloff.  Dow falls 157 points.  Well, that wasn’t supposed to happen, was it?

UPDATE II: Instapundit links to a summary video from the NRCC, who must be clawing at this vote like a lifeline from heaven (I’m relieved to see somebody with election-related clout has woken up and decided to run with this…John McCain, call your office):

Actually, I’m fairly impressed with how Rep. Artur Davis (D-AL) appears to have come clean (and fairly glad that the NRCC gave him credit for it, even if only to show the contrast to his colleagues).

UPDATE III:  Allahpundit’s got ahold of the ad, and his thirst for blood is rising.

That’s the best they could do?

The McCain campaign has released its first post-debate ad, and it’s surprisingly weak.  With all the inaccuracies coming from Biden last night, some of the ones the McCain camp chose to highlight were not impressive:

OK, the one on Ahmadinejad I can see why they used, but why not his misrepresentation of McCain’s record on Fannie Mae and Freddie Mac?  People care a lot more about the financial meltdown than clean coal.  Same thing with the phantom health insurance tax that nobody ever proposed.  And that has got to be the worst ending to an ad I’ve ever seen.  “Sighing?”  What was the relevance of the Palin clip on Israel?  And why talk about exaggerating when what Biden is saying is out-and-out wrong, not out of proportion?

I’ll leave aside the question of why you’d talk about exaggerating when you can’t even spell “exaggerate” correctly in the first place.

Captain Ed agrees that the ad falls apart in the end.

Man…and they had so much to work with.  Weak ad.  Very weak ad.

UPDATE: Aaaaah, I see, Captain Ed points out why they included the Israel clip.  Apparently that’s where the alleged “sigh” came in.  Frankly, I thought it was part of the soundtrack, but if that’s a sigh, then they’re really reaching.  But in fairness, I’ll update my assessment:  the ad is even weaker than I thought.

Well, THAT wasn’t supposed to happen, was it?

After the much-ballyhooed thumbs-up given to Crap Sandwich 2.0 by the Senate last night, Wall Street appears not so enthused.

The Dow Jones average greeted Harry Reid’s “middle class tax relief” spin with a drop of 348 points today, along with a NASDAQ loss of 92 points.  Democratic Rep. Jim McDermott of Washington State has sent a shock wave through the House by announcing his intention to attach an enormous and hideously expensive economic stimulus bill to the new bailout bill, angering House Republicans (and not just a few Blue Dog Democrats) who already think the bailout is too pricey and intrusive.  (Heaven forfend the Senate should be the only body permitted to inflate the spending in this bill to cosmic proportions.)

Are the Republicans being set up again?  House Democrats appear bent on throwing bill after unsupportable bill at them, daring them to vote them down.  My suggestion?  Call their bluff every time.  I’d much rather Congress fail to act and come under further pressure, than have them pass a bad law that will relieve pressure on them for a good one.

But they said Fannie and Freddie were fine…!

The Wall Street Journal (via Instapundit) has a long roundup of Democrats in the House and Senate who were howling at the very implication that anything might be wrong with Fannie Mae and Freddie Mac, back in 2003-2006 when the Republicans were beating their heads against the wall trying to reform oversight of both.  I posted video on this earlier.

As I’ve said on this blog before, McCain had better start running against Congress but quick; he’s the only one who can pull it off, and Congress has no fans left.  After being stabbed in the back by Nancy Pelosi last weekend, you’d think he’d be eager.

Captain Ed has a pop quiz.

(On a lighter note, Jim Treacher has an exclusive advance look at Ifill’s debate questions.)