Kitchen talk from the Wall Street fire

John McCain has been pointing at Barack Obama in the last week, trying his best to attach the Democrat firmly to Fannie Mae and Freddie Mac. I would describe that as the pot calling the kettle black, except that metaphor might not be the most tasteful one to use in this election.

Who Stole the Peoples Money? by Thomas Nast

"Who Stole the People's Money?" by Thomas Nast

My friend Gary Tigerman put it all very succinctly this morning , and I thought I’d share his quick, concise run-down of Obama’s efforts to deal with this crisis proactively:

  • 2006. Obama saw widespread reports of irresponsible mortgage lending and introduced the Stop Fraud Act in Congress to halt the bad loan practices immediately. Obama sought bi-partisan support. McCain showed little interest. The bill died.
  • 2007. Obama wrote letters to Treasury Secretary Paulson and current Fed Chair Bernanke challenging them call an immediate Home Ownership Summit meeting to help prevent millions of us from losing our homes. McCain ignored the idea. The Bush Administration declined.
  • 2008. In March, 8 months ago, Obama went to Wall Street and warned of the looming crisis of confidence in the capital markets and proposed urgent, pro-active solutions including more aggressive oversight. Paul Volker, former Fed Chairman, championed his plan. McCain dismissed their concerns and called for even less regulation.
  • Obama’s foresight and aggressive, preventative policies would have put the brakes on the worst financial meltdown since 1929. Bush-McCain’s hands-off policy allowed an economic crisis to explode into a world-wide catastrophe.
  • McCain policy: do nothing until Great Depression II is at hand, then look for people to fire.
  • Obama policy: recognize and address urgent problems before they become disasters. 
Who ya gonna trust? The young kettle who’s tried to deal with the problem? Or the old white-haired pot who keeps pointing at everyone but himself?
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5 responses to “Kitchen talk from the Wall Street fire

  1. Dear Mr. Screed;

    Thank you for your continuing efforts to disseminate information that will contribute, hopefully, to pulling a few more heads out of a few more asses. ak

  2. Josh

    I guess I’ll be the first to respond. The above is good information on Obama’s record.

    A more general observation. The tone and content of your blog doesn’t follow from either word in its name. A screed implies a tedious piece of writing, which yours isn’t. That’s good. Most people aren’t going to know that, but more pertinently, your blog isn’t shrill. It’s tone is more like a well-tempered clavier, which counters expectations. A suggestion would be to change the blog’s name to something shrill-less, alas sacrificing its catchy, monosyllabic alliteration,–or to BEGIN RANTING!!!!

    Albert

  3. Albert, thanks for the compliment. The name’s intentional. (Perhaps misguided, I’ll admit.) I have seen the words “shrill” and “screed” used by so many right-wing columnists and bloggers, I thought I’d adopt them.

    I was thinking about calling it “Shrill Screed from the Angry Left” but that seemed a little long.

    Given that I have no illusions that anybody but my family and friends reads this, I figured I might as well entertain myself. So I left it.

  4. It’s not shrill. It’s not screed. Creeps me out. Always have to push past it to get to the good stuff (which is VERY good). Lose it, amigo. But, hey, what do I know???
    xow

  5. Okay, I get the message. Any suggestions? The URL is “joshsez” which was sort of a broader name to allow me to write on other topics. Love to hear your ideas, here or by email.

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