27
Sep
08

Why Doesn’t the Media Report the Facts on Where the Blame Belongs on Financial Crisis?

Since the current financial crisis is taking place under a Republican administration it is easy for people to automatically blame Republicans. The media have happily pushed this misconception too. Facts the media ignore are things such as the very groundwork for today’s problems being rooted in legislation created by Jimmy Carter , or that in 2003 President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis that was blocked by Democrats on party lines. However, the media don’t report these very important and significant facts and so it is no wonder that the GOP takes the brunt of the blame in this recent CNN poll.

A new CNN/Opinion Research Corporation Poll suggests that by a 2-to-1 margin, Americans blame Republicans over Democrats for the financial crisis that has swept across the country the past few weeks — one factor that may have contributed to an apparent increase in Barack Obama’s edge over John McCain in the race for the White House.

In the new survey, released Monday afternoon, 47 percent of registered voters questioned say Republicans are more responsible for the problems currently facing financial institutions and the stock market, with 24 percent saying Democrats are more responsible. One in five of those polled blame both parties equally, and 8 percent say neither party is to blame.

Is it possible that these registered voters are basing their opinions without the full facts? Well, I’m sure the polls would not reflect so favorably for Barack Obama if the American people were properly informed that Fannie and Freddie co-opted over $120,000 to Barack Obama over less than four years.

Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.

Perhaps the polls wouldn’t reflect so negatively for Senator John McCain if the public were informed that during the same timeframe Obama was pocketing money from these corrupted institutions, John McCain was fighting to reform them.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, 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.

Ed Morrissey explains why this is important, and why John McCain needs to push back against the way the media has painted this.

We can play blame games for the next several months and years, but what would be the point? In this case, there is a point, and it couldn’t be more clear or important. We have two candidates running for President who would bring much different styles to executive authority over regulatory responsibility. Barack Obama and his allies took the money and stayed on the sidelines rather than take proactive action to resolve the credit crisis. McCain and his co-sponsors of this bill had the right idea and instincts, but could not get any cooperation from Clinton, Schumer, or Obama.

In simple summary, Republicans including John McCain tried to prevent this crisis back in 2005, and Democrats like Barack Obama chose self interest over doing so. Can we expect the media to report these facts? Of course not. Pesky facts only get in the way of agendas.

(Original here)

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4 Responses to “Why Doesn’t the Media Report the Facts on Where the Blame Belongs on Financial Crisis?”


  1. 1 goodtimepolitics
    27 September 2008 at 23:36

    I think the reason that the people blame the republicans, is because it comes to a head at this time, even those it started going down hill years ago. The American people or most can not even tell you who the VP is today, many can not even tell you who is running for president in this election. People do not keep up with politics, as you and I do.

  2. 28 September 2008 at 03:47

    I personally think that most people blame the Republicans simply for two reasons.

    First off, George W. Bush. Love him or hate him, he has had a generally negative time in office. George W. Bush is a Republican, therefore it is the Republicans fault.

    Secondly, the talking heads have been hard at work saying that Republicans are all about blocking change. They continually say that Republicans are uncaring of your (the middle class that is) needs and desires. When that is not the case – the case is that the Republicans are slower to move to resolve because they want to [generally] do it right the first time, which normally means doing something they are sure will work. Not just throw a plan out on the table that may or may not work. The MSM talknig heads say it is the Republicans fault, there fore it is the Republicans fault.

    Other then that, you are exactly right… nobody pays attention to politics. Obama has such a following because he makes them feel good. How can you not like someone when they say that they are going to take care of you no matter what happens and no matter how badly you screw up? Buy a mini-mansion that you know you can’t afford, no problem, we will have your neighbors bail you out. Want to dance in highly risky business practices that have never been tested and cook the books to get ahead, thats is OK, we will bail you out too. It is really hard to compete against such a utopian viewpoint.

  3. 3 DJ
    29 September 2008 at 08:24

    Utopian viewpoint or Socialism? America is on the fast track to Socialism, the government is to big, the sheeple just stand around with their handout, honest hardworking folks who pay all there bills on time are getting a 700 billion dollar enema and being told its going to fix a problem that Barney Franks and the CRA created! Republicans don’t seem to have the stomach to stand up and say WE DIDN”T DO THIS! LOOK AT WHAT WE SAID IN 2003 and 2005, WE TRIED, then you, America, YOU let the DEMS have control-I guess “WE THE PEOPLE” really are the blame…but thats just my opinion, I could be wrong!

    Oh yeah, the DOW is down about 300 points as I type this, how much of a bailout is Wall street going to need next week?

  4. 4 DJ
    29 September 2008 at 11:31

    WOW! What a difference a few hours make!! I just got home from work and turned on the TV and low and behold the HOUSE rejects the bailout!!!!!! House Republicans voted 2 to 1 AGAINST there is hope yet! WOOHOO!!


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