Ther Senate’s Little dog and Pony Show
Posted April 28, 2010on:
Morning Bell: The Senate’s Goldman Kabuki
The Senate is conducting a little dog and pony show but the public isn’t laughing. Goldman Sachs undoubtedly had something to do with the so-called Financial Crisis but the real culprits were the Congressmen themselves and the agencies directly under the Congress. Goldman Sachs is merely the scape-doggie from Wall Street whom the Democrats hope to kick around so the American people will see them as the bad guys. Well, guess what? We do! yes we do see Wall Street financiers as bad guys, fat cats and all the other names we can call them. We see these people for what they are: out to make money. They are the money makers, the movers and shakers of the financial world and the people who made the American economy the greatest in the world and the ones who will bring it back if it is to come back.
The House already passed a wildly invasive and overwhelming controlling financial bill of some 1400 pages (which absolutely not one member of the House of Representatives bothered to read before passage). So now the Senate wants badly to pass their version of this bill which will place our entire economic sector in the hands of Congress and more importantly in the hands of the White House. (I have several blogs on this bill and if you need a refresher just check the titles of the recent posts.) In order to force feed this bill to the American public the Democrats need their all important “crisis”, thus hearing to give the executives of Goldman hell.
It all means nothing. Fact: Goldman donated a million dollars to Barack Obama’s campaign. Fact: Six Goldman employees are now in Obama’s White House staff. Fact: Democrats received five times as much in campaign contributions as Republicans altho they are now in this farce trying to tie Goldman to Republicans. Now tell me do you see something wrong in this picture? do you smell a rat or two or three? Read the following article from Heritage for a few answers. BB
PS: Remember one more thing while you have all this information: this is the first step towards bringing the economy of the United States under the control of the Global Government. Obama signed onto the Global Financial Regulatory Agency at the G21 Conference on his first overseas trip as President. BB
Morning Bell: The Senate’s Goldman Kabuki
(Notice the empty seats in the front row. The Senator’s were so uninvolved that when they weren’t taking their little sound bite they even left the room. This report from FOX & Friends this morning and confirmed by this picture. BB)
The New York Times reports this morning, “Politicians like nothing more than a convenient foil, and Democrats locked in a stubborn impasse with Republicans over new rules to govern Wall Street believe they have found a gold-plated one in Goldman Sachs. Democrats say the convergence of their push for an overhaul of financial regulation and a prominent federal securities case against the prestigious investment firm is a matter of coincidence, not planning.” Sen. Byron Dorgan (D-ND) added: “If the disclosures at these hearings are not the final nail that persuades the American people to demand this be done now, I don’t know what would be.”
But the big problem for the leftist majorities in Congress is that the American people just don’t believe that Washington has any idea about why the financial crisis happened or how to regulate our financial system. According to Rasmussen Reports, 64% of Americans are not confident that policymakers in Washington know what they’re doing when addressing the current economic problems on Wall Street. Intent on proving his ignorance of how finance works, Dorgan went on to say: “To bet against your clients, to bet against your country, all for the sake of big profits. The timing is serendipitous but it should increase the pressure on Republicans.” Is Dorgan for real? Does he really believe that anyone who did not blindly keep inflating the housing bubble was “betting against your country”? Is it now unpatriotic to believe that housing prices cannot infinitely rise?
The left would have us believe that the 2008 financial crisis was all the fault of greedy Wall Street bankers like those at Goldman Sachs who dared to change their investment strategy on the belief that housing prices were inflated. To protect against future financial meltdowns, the left wants to give more power to the same federal regulators who failed to recognize the systemic risk caused by the very bubble Goldman and others correctly identified. In fact, one of the main reasons for yesterday’s hearing was to deflect attention away from Washington’s role in creating the 2008 financial crisis.
It was the government-created and subsidized Fannie Mae and Freddie Mac that played leading roles in the markets at the center of the housing storm. But the left prioritized their political goals over financial reality. Rep. Barney Frank told the House Financial Services Committee: “These two entities–Fannie Mae and Freddie Mac–are not facing any kind of financial crisis,” and “[t]he more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” And the author of financial reform bill currently being debated in the Senate, Sen. Chris Dodd (D-CT) , told CNN in July of 2008: “To suggest somehow that [Fannie Mae and Freddie Mac] are in trouble is simply not accurate.” Just two months later, completely overrun by bad debt, both companies were placed in conservatorship.
So unable to acknowledge the government’s role in the last crisis, not only were Fannie and Freddie not mentioned at yesterday’s hearing, they are not included in Dodd’s financial regulation bill at all. Hence the need for a villain like Goldman. And what does Goldman think of the actual legislation the left is using them to pass? They are for it, Goldman CEO Lloyd Blankfein confirmed yesterday.
Really read and understand that last statement: “what does Goldman think of the actual legislation the left is using them to pass? They are for it, Goldman CEO Lloyd Blankfein confirmed yesterday.”
Now ask yourself why Goldman and we suppose the other big Wall Street bankers are for this bill? Could it possibly be because this bill shuts out all competition and turns the entire financial dealings over to a chosen few and on top of that it is a perpetual Bail Out with tax payers dollars so they can take any risk they want to make money with no worries. If they make a profit they keep it and if the bet fails then the tax payer picks up the tab and makes their loss good.
Gee willakers , but there can’t possibly be a better deal than having a very rich Uncle Sam on your side can there? B B