hypocrisy. financial meltdown

A while back I suggested liberal CT  freshman Democrat would be running against himself.

He still is.

He was quoted in the New Britain Herald as giving the President's financial bailout plan a "thumbs down". Now most of the article was pretty much the usual gnashing of teeth that Republicans have tas well about giving megabucks to Wall Street without adequate oversight and preventing windfalls for failed financiers.   http://www.newbritainherald.com/site/news.cfm?newsid=20136456&BRD=1641&PAG=461&dept_id=10109&rfi=6

But what I found interesting was Murphy's critique of the root cause as being

The subprime mortgage market was the Wild Wild West of Wall Street. We need to put basic underwriting criteria through regulation that applies to prime and subprime mortgages. For example, we need a requirement for all lenders making loans that the borrower has a reasonable ability to repay the loan

You know, what Chris doesn;t say is he is a member of the House Financial Services Committee. http://www.house.gov/apps/list/press/ct05_murphy/financialservices.html

Has Congressman Murphy proposed any legislation in the past two years to do what he suggests ought to be done?

NOPE

Indeed, earlier this year  Murphy criticised the President for NOT wanting to fund more subprime mortgages!

http://www.murphyforcongress.org/news/housing-bills-face-bush-veto

and whose lead was Murphy following?

The plan by Rep. Barney Frank, D-Mass., is the centerpiece of a broader package of bills approved Thursday that Democrats say will prevent more foreclosures and help homeowners and communities deal with the fallout from the mortgage meltdown.

Yep, his committee chairman Barney Frank. The man who prevented Fannie Mae and Freddie Mac from being reformed for a decade--only to see them fail and pull the economy into the abyss with them.

In fact, Murphy was a key supporter of the National Affordable Housing Trust Fund Act of 2007, a plan to raid funds from Fannie Mae and Freddie Mac to pay for "affordable housing"

http://www.ctreachinghome.org/index.php?option=com_content&task=view&id=88&Itemid=115

Now that''s the way to solve the financial meltdown==drain more money from firms about to circle the drain!

Barney Frank and Chris Murphy had two years to fix the mortgage mess.

They failed---because they didn't try.  (perhapse because the Senate Banking Chairman, Chris Dodd... was MIA for 2007)  http://projects.washingtonpost.com/congress/members/d000388/votes/missed/

Now onto energy

Chris Murphy in recent weeks has tried to turn his persona around round from being a Rachel Carson clone to being a J.R. Ewing mini-me, even running a TV ad praising oil drilling.

Well, his opponent called him on it.

http://www.everydayrepublican.com/2008/09/25/cappiello-takes-murphy-to-woodshed-on-energy/

OUCH!