Deal Reached: Democrats Laugh it Up

[The Paperboy]

They say a picture is worth a thousand words. And for Democrats 700 billion is worth a thousand laughs. That's Nancy, Barney, Christopher and Harry sharing a good chuckle at having just spent a whole lot of your money.

It's appropriate that Barney Frank is front and center in this comedy act. After all it was his House Circus, I mean House Committee, that oversaw Fannie and Freddie. This was the same Barney who ridiculed Republicans for suggesting there were any problems with Fannie Mae.

Let's review:

1. President Carter creates a program to make home ownership available to low income people though Fannie Mae.
2. President Clinton makes changes to the program to make home ownership even more available to low income people through Fannie Mae.
3. Former Clinton White House Budget Director, Franklin Raines, becomes CEO of Fannie Mae. Raines cooks the books and as a result receives tens of millions of dollars in bonuses.
4. Raines is kicked out and replaced by future Obama campaign insider, Jim Johnson, who runs Fannie Mae into the ground and also walks away with millions.
5. The Bush Administration and House and Senate Republicans (including Sen. McCain) sound alarm bells on problems at Fannie Mae. They are attacked by House and Senate Democrats (including Barney Frank) for using "scare tactics".
6. Wall Street buys mortgages from Fannie Mae not knowing their values have been cooked. They bundle them into securities.
7. As interests rate rise and gas price go up many home owners begin to default on their loans.
8. Wall Street and the rest of the world begin to realize the mortgage backed securities are worthless.
9. The taxpayer bail out Bears Stern, Fannie and Freddie and AIG. The taxpayer is put on the hook for another 300 billion to help home owners who are being foreclosed on.
10. Paulsen tell us we need 700 billion or more or the world ends.

And the Democrats laugh all the way to the bank.

 

[Diuretic]

Is Grover Norquist in that photo? I didn't see him anywhere.

Perhaps he's taking a bath or something.

 

[dilloduck]

They say a picture is worth a thousand words. And for Democrats 700 billion is worth a thousand laughs. That's Nancy, Barney, Christopher and Harry sharing a good chuckle at having just spent a whole lot of your money.

It's appropriate that Barney Frank is front and center in this comedy act. After all it was his House Circus, I mean House Committee, that oversaw Fannie and Freddie. This was the same Barney who ridiculed Republicans for suggesting there were any problems with Fannie Mae.

Let's review:

1. President Carter creates a program to make home ownership available to low income people though Fannie Mae.
2. President Clinton makes changes to the program to make home ownership even more available to low income people through Fannie Mae.
3. Former Clinton White House Budget Director, Franklin Raines, becomes CEO of Fannie Mae. Raines cooks the books and as a result receives tens of millions of dollars in bonuses.
4. Raines is kicked out and replaced by future Obama campaign insider, Jim Johnson, who runs Fannie Mae into the ground and also walks away with millions.
5. The Bush Administration and House and Senate Republicans (including Sen. McCain) sound alarm bells on problems at Fannie Mae. They are attacked by House and Senate Democrats (including Barney Frank) for using "scare tactics".
6. Wall Street buys mortgages from Fannie Mae not knowing their values have been cooked. They bundle them into securities.
7. As interests rate rise and gas price go up many home owners begin to default on their loans.
8. Wall Street and the rest of the world begin to realize the mortgage backed securities are worthless.
9. The taxpayer bail out Bears Stern, Fannie and Freddie and AIG. The taxpayer is put on the hook for another 300 billion to help home owners who are being foreclosed on.
10. Paulsen tell us we need 700 billion or more or the world ends.

And the Democrats laugh all the way to the bank.

I guess Congress will now tell us how great of an idea it is for taxpayers to bailout these losers ???

 

[Otter_Creek]

We even payed for their pizza last night too.

 

[DavidS]

Where's McCain?

 

[notomccain]

here is the sad fact. democrats want to expand govt so they have been given a gift by bush. republicans also want expanded govt so we lose no matter what.

 

[Silence]

I do so love the idea of laying this at Carter and Clinton's feet when everytime someone brings up the surplus under Clinton we're reminded that it was actually the REpublican congress responsible for the budget surplus...

so how is it that the Republican Congress, who pushed through the deregulation which is wholly responisble for this financial mess, isn't responsible?

The idea that you get all the credit and none of the blame is utterly laughable.

 

[editec]

Correct me if I'm wrong, kidtighe, but as far as I know the PLAN has yet to be agreed upon.

If that is true, then your presumption that the Dems are laughing about spending our money foolishly seems somewhat premature.

 

[jschuck12001]

I guess Congress will now tell us how great of an idea it is for taxpayers to bailout these losers ???

When I see Republicans and Dems agree on something it says one thing. We are in big fricken trouble. You may like to keep your money in a mattress but I prefer a bank. Until specific details come out we are all talking out of our asses.