YOU HAVE BEEN DUPED BUT YOU DON'T HAVE TO BE A DOPE ABOUT IT!!!

I watched the President's press conference on the current economic crisis the other day. He has done the best job at articulating (imagine that!) the general narrative of how we got to where we are now. His speech covered the gambit from the initial influx of cash from foreign investors and the resultant credit expansion, to the supply of newly built houses exceeding that of the demand for the same, and in addition, those 'homeowners' who were essentially gambling on the real estate market.

However I do feel he provided political cover for the Democrats by leaving out the vital links in this chain of events that directly led to this crash. The President didn't mention the inherent hybrid nature of these so called privately-owned, though government created, Frankenstein's (i.e.'Freddy Mac, and Fannie Mae') as government sponsored enterprises (GSE). He also (I think foolishly) remained mum concerning the pressure Washington Democrats put on these companies to make those disastrous loans in the first place. Not to mention the inconspicuous willingness to look the other way (i.e. they would NOT regulate matters they should have been regulating, even in a free market) by the same folks who were filling the coffers of their respective campaigns with the money of these same companies.

The culpability Congress in our current financial woes, via the nature of their special relationship with the GSE's (Fannie and Freddy), have been confirmed by people much more intelligent and informed than myself. The destructive [democratic] policies which led us to this crisis played out exactly as anticipated even back in 1999. But I guess it's no surprise that you still have dopy politicians(in an election year no less) continuing to propagate the farce that blame somehow lies with the 'Bush tax cuts' and the presumed failure of free market economics. What a crock!

REALITY CHECK: Tax cuts have nothing to do with whether or not someone can pay down a mortgage they should have never gotten in the first place (...at least not in any sense that these democrats really want to discuss). And by definition you don't have a free market in play when the government attempts to manipulate the market via GSE's, regardless of their 'good intentions' (and we know what they say about 'good intentions').

Anyways, if your one who buys Senator Obama's asinine assertion that this current crisis is a failure of free market economics, then I invite you have your consciousness raised by reading the articles which I've linked. YOU HAVE BEEN DUPED BUT YOU DON'T HAVE TO BE A DOPE ABOUT IT!!!