This Obama byte was similar to the Democrat talking point I heard on the radio all day. That the Republicans had failed to properly regulate the financial markets, thereby causing the market turmoil that felled Lehman Brothers
Obama said in a statement. "Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression."
Now this is a nice partisan talking point. There's only one problem.
The Democrats fail to offer a single data point supportive of this argument
The Democrats could have proposed some financial regulations over the past eight years. True, they didn;t have the majority in the Senate for most of the first six, but surely a strong bill could have been brought to the floor for a vote.
I don't know of any such creature. Is there a Republican filibuster of a reform bill in the record?
A Bush veto standing in the way of progress? Nada!
Indeed, the record is that Democrats in Congress blocked financial reforms even when Bill Clinton was President!
For the past two years the Democrats have controlled Congress. They could have moved quickly to bring financial market reform to the President's desk. Guess what. No bill was generated in 2007.
Why, you ask? Well, the Washington Post might explain why
The Banker's Candidate
Dodd Amasses Huge War Chest
Washington Post Staff Writers
Friday, February 16, 2007; Page D01
Connecticut Sen. Christopher J. Dodd has two big jobs. He is a candidate for the Democratic nomination for president, and he chairs the Senate Banking Committee.......
But it is Dodd's philosophy, not only his geography, that has made him a cash magnet. Each of these big-money interests applauds his light-handed approach to financial regulation and considers him a reliable friend -- a fact that raises questions about Dodd's viability in a Democratic field even as it bolsters his fundraising prowess.......
My record speaks for itself," the senator said. "I haven't changed my tune. I've been, I think, fairly consistent in my views on these issues."
So, the lead Democratic voice on financial market reform in recent years was "the Banker's candidate" with a "light handed approach "
Evidently there's a special tranche out there for bleeding heart liberals who "heart" reckless bankers and Chris Dodd is the lead institution in this market.
Now, a "reform" bill for mortgages was belatedly passed in the summer of 2008. This bill of course, bailed out reckless lenders of home mortgages, set up a slush fund for ACORN and other liberal foot soldiers, and delegated the dirty job of cleaning the Augean GSE stable to Secretary Paulson. Dodd promised his bill was the answer to the crisis
Today, Congress did more than send a bill to the President - we sent a message to American families that help is on the way. In addition to providing urgently-needed relief to homeowners on the brink of losing their homes, this legislation will address our broader economic problems by helping to reform our housing sector and provide reassurances to our financial markets."
Yours truly knew better and said as much. http://www.thenextright.com/ironman/the-eye-of-the-mortgage-hurricane. Yep, the folks that thought bailing out the subprime bankers was the answer really do have a whole nest worth of crow to eat.
So here's the question for the Democrats?
When are you going to demand Chairman Dodd's resignation from the chairmanship of the Banking Committee, since he failed in his duty to bring an effective reform ball to the President in a timely manner?
Sherlock Holmes wrote about the dog that did not bark. The Democrats in DC were lapdogs for the financial industry for years, and all their growling now can;t change that.
Perhaps a pit bull with lipstick can. She is certaintly making the case on the stump.