Who is at fault? They all are.
Let's look at the reality.
Republicans are responsible for decades of DE-regulation of the stock markets, financial services corporations, and banks. The Republicans did it ... they own it. If they had left in place the regulations FDR installed (in the 1930s), we would not be having the financial meltdown we are having now.
But, no, Ronnie Reagan and his followers could not let regulations get in their way -- their goal was to redistribute the wealth in this country and the easiest way to do that was to DE-regulate the banks and financial services companies.
Bush is responsible for giving tax cuts to the wealthiest in the land while waging and funding two wars ... Bush did it ... Bush is guilty of doubling the national debt and plunging this nation into financial chaos.
Obama was a U.S. senator while much of this mortgage bank meltdown was hitting the fan; but Obama said nothing and did NOTHING to create legislation RE-regulating or reining in Fannie Mae and/or Freddie Mac -- because he (Obama) was getting huge amounts of money from both of those entities ... and from AIG.
In fact, Obama gave a senate speech last October urging swift passage of the bailout bill ... he did NOT at the same time suggest or even mention putting any limitations or restrictions on the recipients of the bailout money ... or requiring any give-backs. http://tinyurl.com/4ehjfk
The Congressional Democrats and Barack Obama own the $787 billion "stimulus" bill ... they wrote it ... they own it ... with all of its pork ... and all of its permission for the recipients of the bailout money to continue doing whatever evil things they were doing. There were no new regulations demanded prior to giving those investments giants hundreds of billions of our tax dollars.
Obama's "rage" reminds me of the police captain in Casablanca: "I'm shocked there's gambling going on." Yeah, Obama is shocked <sneer>.
Spare us your "rage" and "shock," Mr. Teleprompter Jerk.
The Members of Congress -- Republicans and Democrats alike -- are responsible for NOT demanding any give-backs or concessions from the recipients of the bailout funds BEFORE giving out the bailout money.
Obama and his White House pals are LYING when they say Chris Dodd put in the amendment to the $787 billion "stimulus" bill that gave AIG, and its ilk, freedom to continue handing out those obscene bonuses even as they were being given federal bailout funds. http://www.salon.com/opinion/greenwald/2009/03/17/dodd/
Chis Dodd's amendment did the exact opposite ... it was Obama and Tim Geithner and Larry Summers who wanted (and got) the Dodd amendment changed to ALLOW those bonuses to be handed out. http://www.salon.com/opinion/greenwald/2009/03/17/dodd/
Those are the facts.
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UPDATE:
Well, now I am confused.
One day Chris Dodd says one thing and the next day he says something very different.
I no longer know what to believe about Dodd.
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Read it at: http://tinyurl.com/cbuu9u
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but somehow they got him to take the fall. I wonder how they do that.
Hope Dodd, somebody, writes a book someday explaining how they were coerced to take the fall.
It's all laid out here, the timeline of who said what: http://www.salon.com/opinion/greenwald/2009/03/17/dodd/index.html
all under his thumb, and Emanuel can turn the screws very effectively, at least he did when he worked with Nancy Pelosi. Is it just me? It's getting so, I can't stand to look at these people.( I was like that with Bush,too.)
"It's getting so, I can't stand to look at these people.( I was like that with Bush,too.)"
They are all a disappointment to me.
Whatever happened to the sort of political figure who stood up for us instead of always looking out for himself?
that they threatened Dodd with something. He already had some problems and they might have threatened to run someone against him or at least not help him with money or Obama's " good word" of support.
I just don't know why he lied at first and said he had no idea his amendment had been changed in the "conference."
They're beginning to eat each other. Obama blames Congress. Dodd says, "Not me." Then Dodd says, "Well, yeah, I let those bonuses into the stimulus bill but the Fed made me do it."
http://www.cbsnews.com/blogs/2009/03/18/politics/politicalhotsheet/entry...
Credit to Jane Hamsher at FDL and Glenn Greenwald for digging that one out. Nice to see the MSM crediting bloggers for a story.
from that Feb. 14 WSJ article:
"The administration is concerned the rules will prompt a wave of banks to return the government's money and forgo future assistance, undermining the aid program's effectiveness. Both Treasury Secretary Timothy Geithner and Lawrence Summers, who heads the National Economic Council, had called Sen. Dodd and asked him to reconsider, these people said."
Did you get that? Obama's Treasury pushed for those bonuses because it was afraid the banks WOULDN'T take our money.
We bribed them to take a payoff.
what a great diary this is. You've got me so agitated I forgot my manners. Thank you!
welcome!
My pleasure.
It's one of my goals to keep people informed ... and angry (smile).
Thanks for the nice words.
according to Newsweek.
http://www.newsweek.com/id/189917
It's one big daisy chain.