10.01.2008 0

Crucial Battle Over Reality

  • On: 10/23/2008 11:54:50
  • In: Economy
  • Crucial Battle Over Reality

    By Bill Wilson

    With most people riveted to the battle between John McCain and Barack Obama, little mainstream media attention is being paid to a raging battle that has as much, if not more, potential impact on Americans than the quadrennial fight for the White House. And even more important than today’s vote on the bailout bill that just passed the House 263-171. That battle is over the public perception of how we got into the financial mess we find ourselves. And while facts would seem to be facts, the picture of “reality” that becomes the accepted conventional wisdom is of crucial importance.

    The socialists are desperate to not take the well-deserved blame for the debacle. There is a growing realization that if the American people learn the role played by Barney Frank, ACORN, Barack Obama, and the horde of other subsidy-seeking politicians, support for their welfare will dry up. And with it, so too will support for their schemes to soak the American taxpayers.

    The truth is well known and is slowly getting reported. Starting with the Community Reinvestment Act and then the 1995 Clinton administration regulations, liberals and their socialist allies pushed banks and other lending institutions to extend loans to people who could not afford them. Fannie Mae and Freddie Mac encouraged and then bullied lenders to extend these loans by all but eliminating any standards to qualify. Even the New York Times in 1999 noted the policy implications. Fannie and Freddie then bought the bad paper, packaged it up and sold it on Wall Street with the implied backing of the U.S. taxpayers.

    When responsible legislators tried to rein in the reckless lending, they were blocked. Barney Frank, the pompous elitist who now runs from any responsibility, is on video a dozen times denouncing any move to tighten lending standards. John McCain fought to tighten it up in 2003 and again in 2006 and was rejected by the very same left-wing politicians who now cry crocodile tears about the disaster they worked to create.

    As all those bad loans went bad and housing prices began to fall, investors lost confidence, and we find ourselves where we are today. But this is not the “reality” the left wants the American people to accept. They present a far different story.

    In their dream-world, none of the things that are on the record – on video tape, in print, in the official documents –- matter. For them, the whole delusional chimera is about predatory lenders conning people into signing loan papers; it’s about a helpless population –- people who can’t tie their own shoes or feed themselves without a government bureaucrat at their side — being taken to the cleaners by slick Wall Street types.

    Once again, the socialist hide behind their ideology of victimhood. And once again, it is a lie. Only this time, if the American people get sucked into believing the lie, it could cost us all our freedom and any chance of future prosperity.

    The head of the National Urban League has demanded that Treasury Secretary Hank Paulson spew their spin. Barney Frank has been making the rounds of talk shows, pugnaciously claiming he is the savior while ignoring his past actions to enable Fannie and Freddie to inject their poison into the American financial system. Joe “make-it-up-as-you-go” Biden points a finger of blame at everyone except those involved (which may not be all that surprising when one realizes that the single largest contributor to Biden’s political coffers is Bank of America’s MBNA).

    These are the battle lines. On one side, facts and recorded history. On the other, perpetrators and co-conspirators weaving the myth of victimhood into a rancid stew of lies and class-warfare.

    The outcome is far from decided. And the stakes could not be any higher.


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