We heard from a few "admirers"regarding our last post. How dare we highlight Obama’s complicity in halting reform of the Fan/Fred twins when we know good and well that some of McCain’s advisers were or even remain on contract to these GSE’s?
Could it be that Democrats expectorate by instinct even the most well founded, rock solid evidence that may just run contrary to their view? We have trouble accepting this, even from our dear libtard friends; naive perhaps we are (love the syntax?) in welcoming, even relishing as we do the give and take of respectful debate, the willingness to say, "Oh, well, that may be. Let me look at that one. Perhaps you have something there..." and a re-consideration of our earlier position is a strength, not an admission of total defeat. Something like that. An awareness of scale and gravity. We expect that in others. Yet is seems that if for example Pelosi were to shoot her neighbor’s pet dog squarely between the eyes for peeing on her lawn, the Democrats response would be a "So?". "What about Palin? She’s killed a moose."
It is true that Rick Davis, McCain’s campaign manager, received a good deal of money ($2MM over 5 years) from Freddie. In fact, McCain has other advisers who have lobbied for the twins. Are these advisers running for president? How does Davis’ situation even come close to the Democratic CANDIDATE’S acceptance while a senator of $125,000 in campaign funds from the Fan/Fred twins? Trouble with that? Think it does? OK, let’s for the sake or argument, concede even that.
Far more important - how can the left deal with the fact that it was the Senate Democrats that single-handedly quashed legislation in 2005 co-sponsored by McCain (S-190), that would have prevented this entire mess in the first place, or that earlier, Clinton's Federal Reserve demanded that banks treat welfare payments and unemployment benefits as valid income sources to qualify for a mortgage, or that Clinton’s HUD secty Cuomo demanded that this junk make up 50% of the twin’s portfolio by 2001? Huh? Come on. I mean, what is there to argue here for goodness sake (except perhaps to save face)? Our Marin Cty friends whine about their 401K being in the outhouse. Look to your own party. With Democrats, political correctness trumps sound business practices every time.
The sad truth is that to camouflage their now #1 vulnerability, the left has created a smoke screen in Davis.
Robert Craven
About Me
- Robert Craven
- Craven is president of The Craven Report. He is a well known strategist in the FI market, plus an expert on central banking, having testified before Congress on Fed reform, and with Milton Friedman's endorsement. He regularly highlights major economic turning points before street consensus. He has appeared on business news cable, in the FT's and American Bkr, other media. Out of retirement as of Feb/11, he intends now to consult to major world institutions.
“It is rare to find an economic/market outlook report as insightful, precise and salient as the Craven Report. The manner in which you approach the markets and economic releases is both refreshing and surprising. I say surprising because it is absolutely the correct approach yet so few utilize it. On behalf of the entire Strategy Committee at Harris Bretail Sullivan and Smith, thank you.” William D. Osher CFA, Director of Fixed Income, Chief Economist, Harris Bretail Sullivan and Smith.
1 comment:
Spot on comments. As usual, the Left revises the history at attempts at reform
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