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Helping People off the Fence

Regulation FAILED

Read this article from the Chicago Sun Times (I also saw an article from FoxNews that was almost exactly the same), and see if it doesn’t make you a little bit angry.

If you didn’t read it, hears a quick summary. At the 109th Congress (still a Republican Majority), a bill was introduced by the Senate Banking, Housing and Urban Affairs Committee that would regulate Freddie Mac, the now infamous lender, with every Republican committee member for it, and every Democratic member against it.Senate Majority Leader Bill Frist of Tennessee (R) refused to bring it to vote.

“If effective regulatory reform legislation … is not enacted this year, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole,”

An excerpt of the letter written to Frist, urging him to bring this to vote (quick fact, McCain signed the letter, and became a coauthor of the bill). In an attempt to stop the bill, Freddy Mac payed $2,000,000to a Republican consulting firm (DCI) to put pressure on Senators to fight against the bill. 17 senators were targeted. Finally, not enough Republicans supported the bill to pass it with the Democrat’s against the bill, so it wasn’t brought to vote. The Freddie Mac “stealth lobbying campaign” was a success; lucky us.

My trust in our government just took quite a beating, oh well, it was probably too high anyway. But this is disappointing and somewhat disconcerting, if Freddie can do something like this with 2 million dollars, what can some of these other buisnesses do?

The Villians of this Chapter of Congress:

  1. Freddie Mac
  2. DCI
  3. The corrupted Republicans
  4. Senator Bill Frist

The Heroes of this Chapter of Congress:

  1. Chuck Hagel (R) (led attempt to pass bill)
  2. The Republicans (and any Democrats) who tried to pass the bill
  3. Anyone who resisted the “stealth lobbying campaign”
  4. The Democrats (and Republicans) who were against the bill because they honestly thought it would cause harm (they were just wrong)

The Victims of this chapter of Congress:

  1. Us
  2. Freddie Mac

Those being Portrayed as De-regulatory by Barack Obama:

  1. John McCain
  2. Republicans

Those Actually BEING De-regulatory:

  1. Democrats

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