Hillary Clinton

Foggy Bottom Bottoms Out.

The state of the State Department can be best described as useless, in any practical sense. ‘Foggy Bottom’ pretty aptly describes the decision making process in our State Department.

I really hope that Hillary keeps to her stated intention not to run for president in 2012. She’d have a pretty rough time defending her performance as Secretary of State. Garbage in… garbage out. But then, Foggy Bottom is a garbage pit.

Its ‘new mission statement’ reeks of weakness and accommodation. It sounds like Obama and his spectacularly inept and naive prosecution of this nation’s foreign interests. Like the government of its leader, our State Department doesn’t work. No surprises there, but it hasn’t been serving the purposes for which it was created and instead has become an instrument for advancing the progressive agenda of its masters.

It’s not that there are not some good people at State, but they are far overshadowed by the politically inspired hacks and toadies. Democrat administrations have no problem getting the fogs to implement the wishes of their masters. A Republican administration would receive no such dispensation or cooperation from the denizens of murky places. As has been noted by previous Republican administrations, cooperation in the implementation of policy was grudging at best, and if it was something the left was against… good luck at getting anything through.

Our State Department needs a thorough cleaning and examination of its role in the security picture of a nation at war.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2011

Where’s Wildo?

By the time you read this, possibly somewhere in Michigan. Just like television sweeps time, it’s a pretty safe bet to wheel out an old favorite to draw the crowds. Nothing new, the same worn out story lines… but with a comfort factor like that favorite pair of old slippers.


Where's Wildo? Clinton in Denver, 2008.

The Democrat mid-term election campaign has been disastrous. They could not campaign on their achievements, which included what is possibly the most unpopular bill in recent decades, or their track record on employment and the economy. Some attempted to use the ‘fear factor’, warning voters of the result of going back to the days of the Republican-controlled Congress. Can anyone truly say that things were not better before 2006 than they are today?

Their alternative strategy of trying to appear centrist in the campaign ads has fallen flat. It fails to impress the die-hard liberal voter and cannot sway the conservatives, who have long memories. Just like the long list of Obama pre-election promises that were never fulfilled, or totally reversed, this pathetic attempt to woo the electorate has become totally transparent.

While Obama sets off on a whistle-stop tour of key states, no doubt spinning his divisive spiel to minority groups along the way, many beleaguered Democrats prefer to invoke the nostalgia quotient.

There is more than a little irony that the man who was so scathing of Obama in 2008 is jumping in to the ring in an attempt to do what the President can not. The electorate are not falling for the lies and smears in the campaigns, so they bring in Bill Clinton to lend a hand. Do I detect a hint of irony in that sentence, also?

Much of the election coverage has included talk of a possible rift between the establishment GOP and the Tea Party. This is nothing to what I can foresee happening to the post-election Democrats. Not only is Clinton rallying to the Democrats’ call, they are rallying to him… in a way they never would to Obama.

It’s quite possible that Clinton is attempting this act of damage control out of loyalty to his party. I have read pundits’ opinions on his motives, which include his “love of the limelight”, “addiction to adulation” and “repaying a debt to those who helped Hillary in 2008″.

I would say they are all pretty much on the money, although the last statement is the most interesting, with possible future implications.

Hillary is noticeably giving Obama a wide berth, almost to the point of disassociation. I could not believe the rumors that there was talk of a Clinton-Biden job swap. While Biden is the nodding yes-man that Obama needs, I could not imagine Hillary in that role. The only possible reason that she would be appointed VP is in the event of Obama having to give up the Presidency, perhaps through ill-health… maybe stress or insanity.

I believe it’s a certainty that Hillary Clinton will run for the Presidency, probably sooner rather than later. The dutiful husband is already laying the groundwork with their loyal band of supporters. He knows, she knows, the majority of Democrats know that their party is doomed if they maintain the far-left policies of the Obama regime.

After November 2, Obama will be pretty much a lame duck, with little support from his party, no support from Congress and a public that wants nothing more than to see the back of him. Enter, stage right……

(Editor Dee is in for Skip today)

From Our Readers.

We have a really savvy bunch of readers. They really get it and they don’t need my, or anyone’s, prompting to carry the banner of Conservative patriotism forward.

I don’t even know how many sites we’re on but it’s a lot, and then we get picked up from there by other outlets. We get mail from some of the most unlikely places, and we get a lot of comments. Most of them do get read. Dee’s really good about that. Sometimes there are just so many that we can’t get to them all.

Recently, there has been a shift in the comments we’ve been getting. Up until now, the clarion call has been for victory against the DeMarxist government, with not a little flavor of vengeance against politicians of either party who have conspired to bring down America. Now there’s increasing interest in the post-election makeup of the new Conservative Republican Party and how it’s going to perform in a post Pelosi-Reid environment.

There have been many thoughtful comments to the effect that the incoming Congress will be the most scrutinized in history. What we’re getting, in comment after comment, is that no one intends to allow a Republican Congress to run off the rails again.

We have some really great rising stars in the Conservative Republican movement. There will be a whole bunch more coming to Washington after the elections as well.

We can anticipate the worst out of the DeMarxists between now and the elections. What we really have to be prepared for is that it’s quite likely that the DeMarxists may choose a scorched earth policy, where they attempt to enact the portions of the Obama agenda that hasn’t been able to move through the Congress due to skilled Republican resistance.

If Democrats choose this all-or-nothing approach, it will be an open acknowledgment of the open contempt with which they hold you, the American citizen. It’s time to do it right. These Marxist liberals have got to go… period. They must be hounded from government no matter where they may have burrowed.

Come to think of it, it might not be a bad idea to start up the House Un-American Activities Committee again. They just might want to start with Hillary’s Foggy Bottom… not Hillary’s bottom, Foggy Bottom. Our State Department has been a hotbed of anti-American and anti-semitic activity for sixty years or more. It needs to be cleaned out once and for all. One thing is for sure, there is no lack of work to be done… now or after November 2.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

Another Week Of Washington Freak Shows.

Ladies and gentlemen, we call your attention to the center ring. The daring young man and his spectacular apologetics, fresh from several world tours, has unveiled his domestic groveling to a ‘sista’ who had been grossly misunderstood by officials of her own Agriculture Department and White House apparatchiks, whose zeal for glossing over reverse-racial incidents against the white majority in the country had finally jumped out and bit them. Not since Barack Obama’s pathetic groveling in front of ‘Old Mexico’s’ third-world president have we seen a performance this lame.


Hillary Clinton with Robert Gates and South Korean Ministers in Seoul.

The Barack Obama traveling freak show is putting on a strong performance of threatening North Korea with ‘sanctions’, and Hillary Clinton’s stern admonitions have scared them so badly that they’ve threatened nuclear war. Not only that, but Her Hillaryness has launched an assault force of diplomatic types on Iraq that are sure to terrify the enemy in waiting there. Of course, we’ll have to keep a brigade or so of American combat troops handy to protect their lame posteriors, but that’s what you get when ‘you speak weakness to power’… our weakness, their power. Hillary Clinton is showing herself to be exactly what she is… inept.

Meanwhile, John (Swiftboat) Kerry, who voted yes on every tax measure to come before the Senate on his watch, is cheating the State of Massachusetts out of 437,500 dollars in sales taxes and an additional 70,000 dollars in annual excise duties on the purchase of his new seven million dollar, seventy-six foot sloop, by beating it out of Massachusetts to Rhode Island, which repealed its boat sales and use tax in 1993. Maybe Mama Theresa Heinz pulled the strings on her purse closed.

This is the same John Kerry that’s petitioning the White House to grant a blanket amnesty to all Guatemalan illegals in this country… surprise. Smacks of his private negotiations with his Communist handlers during the Vietnam war, just prior to selling out his brothers in arms. John likes ‘secret’ negotiations. This is the same John Kerry that is ‘negotiating’ to tax the very life out of you, the American people.

Vice President Joe (shoe leather) Biden, the greatest tactical genius of our time (remember his clever proposal to divide Iraq into three countries?) has said “We’re done for the year”, as the rest of the country heaves a huge sigh of relief.

The country has descended into a 1.47 trillion dollar deficit for this year alone, even as the economy lurches and staggers closer to a double dip ‘recession’ and unemployment numbers soar. Barack Hussein Obama and his Demarxist clown college tout ‘green jobs‘ that only cost taxpayers $500,000 per job, while they spent twenty three million dollars on signs glorifying pothole-filling temporary jobs.

The march to November goes on. The closer it comes, the more virulent and dangerous the Marxists will become… possibly at their most dangerous, as even their own polling is starting to undeniably point to historic losses in the November elections. A lame duck DeMarxist Congress, populated by men and women of no principle or scruples, with absolutely nothing to lose between November 2 and January 1, 2011, could do incalculable harm.

Charles Krauthammer, whom I greatly admire, said in his article today that he didn’t think Democrats and Rinos on their way out would do such a thing. He feels that they are more principled than that. Geez, Charles… I don’t know. From your lips to God’s ears, and I do so hope he has the volume turned up.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

America in Neutral

Takes Two to Tango

by Lance Thompson

 
Nothing illustrates the lamentable state of the US and UK relationship better than the Obama administration’s recent betrayal of the Brits over the Falkland Islands.  On March 2nd at a Buenos Aires press conference with Argentine President Kristina Kirchner, Secretary of State Hilary Clinton said the United States favored a negotiated settlement over the Falkland Islands dispute working within the framework of United Nations resolutions.  This sounds quite reasonable, and the appearance of reason from the Obama administration is no small feat.  But Clinton’s words signaled a sharp retreat from our support for the United Kingdom, and is typical of a foreign policy that betrays allies on a whim.
 
The Falkland Islands, 300 miles east of Argentina, were first sighted by English sailors in the 16th Century.  It was almost a century later that the first landing took place, again by an English ship seeking fresh water.  The French established the first settlement in 1764.  The English established a separate settlement in 1765.  Both France and England claimed the Falklands, as did the Spanish, who had divided all islands in the Atlantic, discovered or not, between themselves and the Portugese in the 15th Century.  The French relinquished their claim to the Spaniards in 1766, leaving the islands in dispute between England and Spain.
 
England withdrew its garrison in 1774, but still claimed sovereignty, as did Spain.  In 1816, Argentina won its independence from Spain, and four years later claimed the Spanish colony as Argentinian territory.  In 1823, Argentina granted a land concession to a Frenchman, Louis Vernet, who saw profit potential in the wild cattle of the Falklands.  Aware of the British claim, Vernet also obtained permission from the British consulate in Buenos Aires.
 
Vernet and his partners established a colony and a successful business supplying fresh produce and meat (including seal) to ships that called in the Falklands.  When North American sealers poached in the Falklands, Vernet asked for military aid from Argentina, which was unable to provide it.  Vernet then sought help from the British, who established a military garrison in 1833.  The British formalized their administration, established Port Stanley, brought in pioneers, businessmen and families, and built the Falkland Islands into a self-sufficient British colony.
 
In 1964, Argentina renewed its claim to the Falklands, but in 1968, the Falkland Islanders voted overwhelmingly to maintain their status as a territory of the United Kingdom.  Great Britain and Argentina never settled the disagreement.  Tensions rose throughout the 1970s, with some minor confrontations between civilian and military vessels of the two nations.  In 1982, Argentinian troops made an amphibious landing on the island and captured Port Stanley.  Diplomacy failed to defuse the situation, and British Prime Minister Margaret Thatcher assembled a naval force to drive the Argentinians out.  During a brief but costly war in the spring of 1982, British troops recaptured the islands.  The United States supplied critical intelligence to the United Kingdom during the conflict. 
 
Relations between the United Kingdom and Argentina normalized in the ensuing years.  But under Argentina’s President Nestor Kirchner and his wife and successor, Kristin Kirchner, tensions have risen again.  Argentina has issued increasingly bellicose statements (encouraged and supported by Venezuela’s Hugo Chavez) about reclaiming the Falklands, and the Obama administration has remained at best neutral.
 
When Clinton and Obama mention a United Nations framework, they refer to resolutions from the 1960's.  Resolution 1514, passed in 1960, urged that all states which have not achieved full self-government (in other words, colonies) should move toward independence.  This was known as “decolonization.”  True to form, the UN created a committee (Resolution 1654) to oversee decolonization the following year, whose title is longer than this sentence.  Resolution 2065, passed by the UN Security Council in 1965, called specifically on Argentina and Great Britain to reach a settlement on the sovereignty of the islands.
 
Clinton and Obama are probably not referring to UN Resolution 502, from 3 April 1988, which calls for the immediate withdrawal of all Argentinian military forces from the Falklands after their invasion.  The Argentines did not comply with the UN directive, and the British removed them by military force, at the cost of hundreds of lives.
 
The UN resolutions of the 1960s about decolonization rise from the principle of self-determination–that the people of any state have the right to choose their own government.  This, of course, is applied only to free nations.  It is a principle never pressed upon totalitarian regimes which make up a significant portion of the UN.  Nevertheless, the people of the Falklands now and always have overwhelmingly favored British governance to Argentinian.  Any application of force or influence by Argentina would be a violation not only of international law but of the human rights of the Falkland Islanders.
 
It is not reasonable for the United States to remain neutral in the current conflict.  Argentina is making a claim on the established territory of another nation.  To equate the demands of an aggressor with the resistance of a peaceful territory is a despicable act of appeasement that will only encourage more of the same.  During the 1982 Falklands War, the United States tried diplomatically to avert armed conflict.  But once the war started, the United States and President Reagan were steadfast allies of the United Kingdom.  There was no question at that time who was in the right and who was in the wrong.
 
Today, twenty years later, determining right from wrong is an indecipherable conundrum for the Obama administration.  They never hesitate to withdraw support from our closest allies, or to offer encouragement and sympathy to our most implacable foes.  They find moral equivalency between Israel and Arab terrorists, between communist China and Taiwan, between Russia and former Soviet Republics.  They believe neutrality is the highest moral position a nation can occupy, when in fact it is the most dangerous.
 
It is the moral responsibility of any nation, and particularly the greatest nations, to support and defend the less powerful against aggression, domination, and intimidation by the all too numerous enemies of freedom.  When the United States is neutral, the rogue nations of the world have no authority to heed and no consequence to fear.  As Winston Churchill, the Prime Minister of our one-time close ally Great Britain, so succinctly put it before the House of Commons in 1927, “I decline utterly to be impartial between the fire brigade and the fire.”

 

Israel On The Brink – Obama Cowardice Knows No Bounds.

In a truly cowardly about face, Barack Hussein Obama reversed his promise to Israel to drive for speedy sanctions against Iran with or without the UN Security Council. On March 2, Hillary Clinton said that “Security Council” action would take several months, leaving Israel strung high and dry… again.


Hillary Clinton

Several disturbing factors are becoming apparent. Iran’s recent movement of some 4300 lbs. of low-enriched uranium to an above-ground facility may be, and probably is, a shell game. A 45 ton shipment of N. Korean yellowcake uranium destined for Syria’s nuclear plant, which was destroyed by the Israeli Air Force, has turned up in Iran. Obviously hidden from IAEA inspectors and unknown until revealed in a Japanese intelligence report, the only question remaining is how many other unknown caches there are.

The US military may have issues of its own. Syria, Lebanon and Qatar will be hosting Iranian troops in an apparent ratcheting up for possible hostilities with Israel. Qatar is home to the largest Air Force Base outside of the continental United States. If war comes to the region, which seems likely, having Iranian troops in-country and within striking distance of a strategic base of this importance would draw America into the shooting war whether we wanted to or not. Hopefully, Iran would think twice about attacking a US facility, but one of the hallmarks of the fanatical Iranian regime is its instability and unpredictability.


Al Udeid Air Base, Qatar

Iranian President Mahmoud Ahmadinejad summoned his Islamist and terrorist allies to Tehran to ‘finalize’ their military roles at the outbreak of hostilities. Ehud Barak, Israeli Defense Minister, in response to threats by the Iranian and Syrian presidents, said that he didn’t think that it would be possible to “slide toward 2011 without decisions”. He also stated that in the event of the outbreak of hostilities, Israel would go after the Lebanese government and infra-structure and “other sources of sponsorship”.

Obama’s cowardly reversal won’t cause this war. But his refusal to support our ally has certainly moved the Middle East war counter down. Meanwhile, Israel’s military high command has completed a five day command and communications exercise assuming an assault from four separate sources.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

 

Obama – A Case Of Diminishing Returns.

David Axelrod is telling us breathlessly that his glorious leader is FEISTY. I guess from that monumental statement Conservatives should be quaking in our boots in anticipation of the drubbing to be handed out by the President during his state of the union address. Pardon us while we don’t get overly apprehensive about repackaged garbage. According to White House insiders President Obama will focus on JOBS and the DEFICIT. In other words, everything he has worked so diligently to destroy in his ideological drive to transform this nation a la Saul Alinsky.

David Axelrod

This is worth repeating. While Obama is busy revamping his message and telling us what a terrible raw deal he was handed by George Bush… remember that one? The one engineered by Democrats through Fannie and Freddie, Acorn, AIG and players like Goldman Sachs, with the willing accompaniment and active interference of people like Barack Obama, Barney Frank, Hillary Clinton and Chris Dodd, the chairman of the House Banking Committee? Good public servants all.

Our President has presided over a money glut of historic proportions, one which if allowed to run to its conclusion will cost the taxpayers of this country FOUR POINT NINE TRILLION DOLLARS by 2016. This is in addition to the 5.1 trillion Bush and Obama are already responsible for. Now he wishes to speak of fiscal responsibility and will seek to find blame everywhere but where it belongs. During the Bush years we saw gains of THREE POINT SEVEN MILLION new jobs. Not as impressive as the Clinton years and the hysterical growth prior to the .com bubble burst, which left George Bush with a recession of his own to deal with, a fact that is conveniently discarded by the tame Democrat left-leaning press and most politicians, but still solid substantial job growth.

Now we come to Obama and the great GREEN job revolution that ain’t. Better than 15.3 million jobs lost to the recession, according to the Bureau of Labor Statistics. The pathetically few jobs he can credit himself with are mostly government and / or temporary. Once again, GOVERNMENT PRODUCES NOTHING.

The American people know about job growth. They know where jobs come from and they also know that runaway regulation and massive tax increases are not going to create those jobs. Obama is putting out feelers for a SECOND stimulus to ‘jump start’ job growth. That seems to be the entire liberal philosophy… not accounting or taking responsibility for failed policy but taking refuge behind inanity such as “it needed more funding to do it right”, or “it needed more time”, which amounts to the same thing.

This is a mantra we’ve heard from the left consistently on one public policy issue after another for a hundred years. The definition of insanity is doing something with negative results and going back and doing it again and again expecting a different outcome. President Obama, we await your little extravaganza with bated breath, while we observe your cronies scrambling for whatever political cover they can find.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

 

Ohio – Obama Preaches To The Wrong Crowd.

I can’t get no satisfaction could well be President Obama’s mantra these days. Picked audiences or not it just keeps getting worse for the embattled Barack Obama, while telling us about the ‘green jobs’ that may or may not be created by research into solar power and wind generation, which most experts agree will never amount to more than 20 per cent of the power requirements of this country at best. All the while bringing the entire weight of the government and its unelected regulatory agencies to destroy our most abundant sources of energy, coal, oil and natural gas.

It is so typical of Obama to speak out of ‘both’ sides of his mouth… promoting an unproven and economically questionable technology while attacking another economic sector and its jobs. Speaking of his administration’s recent debacles in collisions with the American people Obama said, “I’m not going to walk away just because it’s hard”. Sounds a lot like Hillary saying, “I don’t feel no way tired”.


John Boehner

The fact is he got his butt kicked good and hard. Ohio Republican Minority Whip, John Boehner, speaking of Ohio’s TEN POINT NINE PERCENT UNEMPLOYMENT rate, referred to Obama’s touting of his failed stimulus. “Tens of thousands of people have lost their jobs since the stimulus was enacted”. “Nine straight months of double digit unemployment”. The rest of the country echoes these words.

The entire machinery of Democratic governance nation wide is a runaway freight train on a collision course with the real world. Witness the State of California under a ‘liberal’ RINO (Republican In Name Only) Governor (Arnold Schwarzenegger), with a completely leftist state legislature more attuned to social engineering than action which would save this most populous state in the nation from bankruptcy and economic oblivion. With an unemployment rate at more than 10.6 percent, and some areas such as the San Joaquin Valley as high as FORTY PERCENT.


Ron Nehring

With our total state budget deficit at close to SIXTY BILLION DOLLARS and many of our Governor’s spending ‘cuts’ amounting to book-cooking budget shifts, the state legislature is proposing a universal health care system at an annual cost of some 200 billion dollars annually. I have run out of superlatives to describe this nuttiness but Ron Nehring, California State Republican Chairman, put it nicely, “California Democrats are either tone-deaf or delusional”.

This exact statement could be used just about anywhere in the country and especially at the national government level. The Democrats simply seem unable to stop or change course. The American people will no longer tolerate BUSINESS AS USUAL, from Democrats or Republicans. That’s the message. Ignore it at your peril.

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

 

Obama’s Bunker Mentality.

On January 16, 1945, sixty five years ago, Adolf Hitler entered his command bunker deep underground in Berlin, Germany, where he would spend his last 105 days as the Russian forces closed in on the beleaguered city. It was the beginning of the end of him and the tyrannical regime he inspired.

Inside Hitler's Bunker, 1945.

I’m not suggesting any real parallel between what occurred then and now… except that what has been shaping up in this country since January 2009 has been fast-tracked to a soft tyranny by Barack Obama and the majority Demarxists, with all of the single minded determination of ideological zealots. History has taught us that there is but a small step from there to the iron shackles of a Joseph Stalin, the gates of Auschwitz, or the killing fields of a Pol Pot in Cambodia. Obama immediately sprinted to the hard left after successfully selling himself as an ‘enlightened centrist’ to a gullible America, whose Conservative and Independent voters largely stayed out of it, virtually guaranteeing Obama’s victory.

It took a stunned America a few months to begin to react to everything they saw, that was WRONG about what was being said, and the total disconnect with what they saw as pragmatic good sense. Obama took a weak economy and a 600 billion dollar deficit and tripled it, printing money and handing out vast bribes and gratuities like drunken sailors on a binge. The country had been and remains basically Conservative and right of center, facing a a hard core Marxist/Leninist trying to fundamentally change the values and freedoms so precious to us Americans. The result, as they say, is history.

There is a tidal wave of CONSERVATIVE ACTIVIST REVOLUTION out there preparing to sweep the country. Americans have arisen in their righteous anger and the enemy is recoiling on all fronts. You can tell the tide is turning by the frantic tone of the comments coming from the various segments of the DeMarxist machine and the Maobamists in the administration, to say nothing of the Liar-in-Chief himself.

The surest measure of their desperation is sending Obama into the field of fire in what very well may be a futile gesture in Massachusetts, a move that until yesterday they had been unwilling to make. The DeMarxists are pulling out all the stops to attempt to halt the extremely popular and energetic campaign of Scott Brown in his battle with Martha Coakley, who has run a singularly unimpressive campaign. All the thugs and operatives, including Hillary Clinton, are in the mix and heading for Massachusetts to try to salvage the special election, for which at this time polls are showing a strong finishing surge for Brown as money pours into his coffers from all over the nation, sent by Conservative and Independent supporters.

After the resounding defeats of November 2009 the DeMarxists are desperate for a victory, as a loss in Massachusetts may put the final nail in the coffin for the health care bill which may already be in trouble, as constituents continue to hammer away at so-called ‘Blue Dog Democrats’ whose support for ‘Obamacare’ may be uncertain. This has been underscored by the cautionary statements issued by various highly placed Democrats.

The DeMarxist and Obama regime’s ‘bunker mentality’ increases proportionally with the advance of Conservatives’ march to freedom for our country. Don’t forget to give Scott Brown your support. Contact the campaign at: www.brownforussenate.com – remember you don’t have to live there to help or contribute! The Conservative march for freedom continues…

Semper Vigilans, Semper Fidelis

© Skip MacLure 2010

 

Obama: Unlimited Funds For Freddie-Fannie.

While the rest of the nation stagnates and one out of five Americans is out of a job, President Obama, in the still of the night, approved UNLIMITED FUNDING for mortgage giants Fanny Mae and Freddy Mac. The two entities that are probably singularly most responsible for the crash of the sub-prime housing loan market.

Although they were successful in lining the pockets of many Democratic operatives along the way, in 2008 Fanny and Freddie exploded, taking Bear Stearns with them and leading to the failure of many other smaller entities, as we have seen. Hillary Clinton, Barack Obama and Christopher Dodd were all beholden to Fanny and Freddie for substantial contributions. The US government has bailed Fanny and Freddie out to the tune of ONE POINT FIVE TRILLION DOLLARS in direct and indirect aid. Those are TAXPAYER dollars, it should be noted.

What was going on was these two quasi-government backed Corporations, being major purchasers of SUB-PRIME mortgage paper, were BUNDLING these dubious assets and selling them as bonds. This precarious process worked as long as housing prices continued to rise. As early as 2003, regulators were warning of looming catastrophe “in the unlikely event that the two giants failed”.

Republican efforts to regulate Fanny and Freddie were defeated BY DEMOCRATS, IN PARTY-LINE VOTES. Since their failure in 2008, the two mortgage giants have consumed 1.1 trillion dollars in Fed backing and thus far this year have lost 124.4 billion dollars which has had to be picked up by the Federal Reserve. Now the treasury has removed the 400 BILLION dollar cap on funding losses AT THE DIRECTION OF THE OBAMA ADMINISTRATION, replacing it with an UNLIMITED FUNDING CAP! That’s like handing a chronic alcoholic a half gallon of booze and telling him to knock himself out.

THIS is Obama’s much vaunted fiscal responsibility? Fanny Mae and Freddie Mac are headed down the same road as before and we have the SAME Democrats running interference for them. Wonder who they’ll blame it on this time?

Semper Vigilans, Semper Fidelis

© Skip MacLure 2009

 

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