Big Bad Speech!
September 29, 2008 by Fran
Here are excerpts of the big bad Pelosi speech, said to have made today’s bailout vote fail…..
“When was the last time someone asked you for $700 billion? It is a number that is staggering, but tells us only the costs of the Bush administration’s failed economic policies — policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision, and no discipline in the system.”
“Democrats believe in the free market, which can and does create jobs, wealth, and capital, but left to its own devices it has created chaos.”
“Democrats insisted that legislation responding to this crisis must protect the American people and Main Street from the meltdown on Wall Street. The American people did not decide to dangerously weaken our regulatory and oversight policies. They did not make unwise and risky financial deals. They did not jeopardise the economic security of the nation. And they must not pay the cost of this emergency recovery and stabilisation bill.”
“Today we will act to avert this crisis, but informed by our experience of the past eight years with the failed economic leadership … We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a new direction to a better future.”
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The drive for the low income mortgage market started back in the middle Clinton years, and just snowballed from there. You can say that Republicans pushing deregulation was responsible, and it was partially, but the Democratic push to put as many low income families into homes, turned into a low income and even a no income measure. Both sides had some of this meal.
Still, I had to laugh @ the republicans saying it was Nancy’s speech that caused them to vote against the bailout. How mixed up this all is! You would think it would have been a dem majority voting this down…. insisting for more protections of the people. But is anyone here baffled over who was at the helm for the last 8 years.
Bush started with a $200 billion surplus & now has us in $9.8 trillion debt, and a $480 billion deficit, plus this bailout & the $555 war cost.
There have been many hands in getting to this place….. but I am not willing to pretend this just randomly happened in the Bush regime.
He owns the current state of affairs.
“They did not jeopardise the economic security of the nation.”
Anyone that took out a loan they knew they couldn’t pay off, hoping to flip the house, jeopardized the security of the nation. Anyone that lent out money, knowing the borrower couldn’t repay the loan, jeopardized the security of the nation. Therefore, I don’t see where Pelosi lets the American public off the hook. The “predatory lending practices” took two to tango.
The other objection I have to Pelosi regarding inappropriateness is that scene she and Paulson gave us of him getting down on a knee to beg her to pass the bill. He was a jerk to do it and her comment when asked about it should have been “no comment.” Someone’s head needs to roll if Bush had any brains or guts. I see no reason for these gazillionaires to be laughing and fiddling while the country burns.
Don, the blame game is a waste of time for me. The deregulation was on Reagan, Bush41, Bush43 and yes Billy Clinton’s watch.
No one gave a shit that the mortgage industry was packaging these loans as commoditys..until they started to reset the ARM’s….which is what the industry sold these folks with lousy credit..friggin Adjustable Mortgages…and expected them to be able to pay them off?
Get real…the mortgage industry and the financial industry dug this hole we are ALL in…bastards.
Why do you think the FBI is investigating 29 of these financial and lending corporations? They cheated and they know it. Now..we all get to pay..Private profits socialized losses..bullshit I say!
It is funny how one man can destroy a whole nation. I know it’s the whole administration that was a failure but to me, Bush was out for himself and the interest of the nation he was meant to be representing!
Andy