No Shame, No Blame
By: Erik Rush
If my checking account goes into overdraft to a dramatic degree, obviously my bank would hear nothing of coming to the rescue with funds not only to ameliorate the overdraft, but to get me on my feet again. The same would apply if half of the depositors in the branch I use did likewise.
The American people are being handed a bill of goods, that we will be living in a â€œRoad Warriorâ€ scenario within a short march of weeks if the government (read â€œAmerican taxpayersâ€) does not come to the table with some form of economic aid to the ever-growing list of failed investment banks and related institutions in the U.S.
â€œWall Street greedâ€ is the catch phrase being used by the establishment press, half of Congress and the Bush administration to explain the implosion of the subprime mortgage industry and subsequent mass bank failures in the U.S. This is â€œthe lie that is being told so often it is becoming the truth,â€ and readily accepted in the climate of class envy fostered by the far Left. What is particularly shameful is that so many in government are in so deep in this (in terms of culpability) that they are happy to deflect the blame.
Forget that Fannie and Freddie became the adopted brainchildren of congressional Democrats and the Clinton White House. Forget their quasi-Marxist social engineering that extended credit to millions of people who couldn’t afford it. Forget former White House Budget Director Franklin Raines raking in over $90 million running Fannie as it failed, Jamie Gorelick taking $30 million, Senator (and Democrat presidential nominee Barack) Obama staffer Jim Johnson taking millions from Fannie Mae, as well as several others who collectively pocketed tens of millions as well. Given the failures of these entities, there isnâ€™t even the argument of stellar performance to justify these payouts.
Yet, Americans arenâ€™t calling for their heads.
And forget that all of these people are Democrats. Letâ€™s focus on the fear factor (should this not get addressed, and quickly) and in blaming Wall Street, and perhaps no one will notice the commonalities between the villains in this comic tragedy.
Perhaps itâ€™s just jadedness, but the first thing that occurred to this columnist when talk of a â€œbailout packageâ€ came to the fore was all of the crooks that were going to line up and attempt to capitalize on the stupidity, shortsightedness and greed of our office holders and all of the taxpayer dollars that were going to be stolen in the process. Yes, those who caused the problem in the first place now presume our trust in finding a remedy for the situation, and the only ones asking questions or balking are those who have no credibility with the aforementioned lawmakers and the media. Thus, the American people remain ever ignorant and complacent.
Then there are the relationships between some of the principals responsible for this mess and a certain Democrat presidential nominee, and how these relationships are â€“ big surprise here â€“ going unreported by the establishment press.
As many a reader (but so few Americans at large) are aware by now, Obama was second among recipients of campaign dollars from Freddie and Fannie, despite the fact that he has only been in the Senate for four years. Does this smell of something? Of course, but we as a nation are too propagandized to notice or too apathetic to care. The big guys will steal; little mopes like us just get to suck it up. In the meantime, we still have to elect one of them.
For one thing, how are donations to political candidates by a government sponsored enterprise (GSE) legitimized in the first place? Though Fannie Mae and Freddie Mac were publicly-traded, the brazen partiality toward left-leaning politicians and the monstrous transfers of capital to individuals from a GSE might have been questioned in an environment in which accountability existed.
Alas, no such luck.
Thirty years ago, Sen. Obama would be withdrawing from the presidential race right about now, so great would be the public shame of his connection to this debacle. But not a peep have we heard from Obama, save for his citing the greed of Wall Street. In fact, he seems hard-pressed to be forthcoming with anything substantial to say on the issue at all. Why? Once again, the establishment press, which is manipulating this election process, is shielding Obama from accountability. His silence merely speaks to his liability.
ACORN: Tip of the Iceberg
As if Sen. Obamaâ€™s incestuous relationship with Freddie Mac-Fannie Mae wasnâ€™t bad enough, he is closely aligned with one of the most audacious crooks who have lined up to capitalize on the aforementioned stupidity, shortsightedness and greed of our office holders.
ACORN (Association of Community Organizations for Reform Now) â€œis the nationâ€™s largest grassroots community organization of low- and moderate-income people with over 400,000 member families organized into more than 1,200 neighborhood chapters in 110 cities across the countryâ€ (from their website). Theyâ€™re also a radical, far Left entitlement-oriented group that throws around phrases like â€œsocial and economic justiceâ€ like kids playing ball at recess and for which the financial bailout initially marked $100 million in funding. Why? Is ACORN a stressed bank that is foundering? No â€“ congressional Democrats have simply dropped all pretense vis-Ã -vis cavalier and irresponsible dispensation of tax dollars.
Of course, ACORN has endorsed Sen. Obama, whose connection to this radical group goes back even farther than his community organizer days.
ACORN is but one of an unknown number of carrion-eaters circling above the carcass of our banking industry, waiting to pick its bones clean. It is simply a prominent one for which this information became available.
A little-known fact about carrion birds: Many will attack and kill prey animals if they can get away with it. Likewise, nonprofit and for-profit thieves will dine on the beefed-up bailout package if it is not transformed in a revolutionary manner or judiciously scrutinized and supervised.
Why, I ask myself, do I have the feeling that in the days of the Founding Fathers of this nation, such phenomena as described above would have resulted in four-fifths of Congress being dragged out into the street and shot?
Perhaps because that is precisely what would have occurred. I can fantasize, canâ€™t I?
Erik Rush is a New York-born Black columnist and author who writes “The Culture Shark,”a weekly column of political fare. He is also a Staff Writer for the New Media Alliance, Inc. The New Media Alliance is a non-profit (501c3) national coalition of writers, journalists and grass-roots media outlets. An archive containing links to just about everything he’s written is at http://www.erikrush.com.