September 18, 2008

By "No One," He Means...

How helpful -- and I mean that sincerely:

The Democratic-controlled Congress, acknowledging that it isn't equipped to lead the way to a solution for the financial crisis and can't agree on a path to follow, is likely to just get out of the way.

Lawmakers say they are unlikely to take action before, or to delay, their planned adjournments -- Sept. 26 for the House of Representatives, a week later for the Senate. While they haven't ruled out returning after the Nov. 4 elections, they would rather wait until next year unless Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, who are leading efforts to contain the crisis, call for help. [In the meanwhile, Americans with pensions, investments, houses, or who pay taxes can just go hang.]

Hip hip, chin chin, we're all for the Democrats getting out of town early; so long as Senate Majority Leader Harry "Pinky" Reid (D-Caesar's Palace, 85%) and Squeaker of the House Nancy Pelosi (D-Haight-Ashbury, 93%) are sitting in their magisterial thrones issuing decrees (such as, "we have already lost this war" or "Democrats bear no responsibility for this economic crisis"), no one is safe. And especially no one's wallet.

In fact, we emphatically agree with Sen. Johnny Isakson (R-GA, 96%):

"The last thing you need,'' he said, "are 535 people, not many of whom are that well-versed in financial markets, trying to do quick fixes to a market correction that's one of the more significant that we've ever seen.''

But I found Sen. Reid's explanation for why he and the Speaker should get the heck out of Dodge in a week or two unintentionally hilarious:

One reason, Senate Majority Leader Harry Reid said yesterday, is that "no one knows what to do'' at the moment.

No one? Somehow I can't shake the suspicion that by "no one knows what to do," Sen. Reid really means "none of us liberals knows how to deal with this crisis... other than by dismantling Jimmy Carter's Community Reinvestment Act, that forces banks to make bad loans to poor people who can't pay the mortgage; and we just can't imagine ever agreeing to such a drastic affirmation of free-market Capitalism and the American way!"

1. If the National Republican Congressional Committee and the National Republican Senatorial Committee don't run against the Democrats on the issue of their abdication, disconnect, and denial on the single greatest economic crisis of their brief tenure running Congress, then Republicans are insane.
2. Republicans are not insane.
3. Ergo, they will run on this issue, and run hard and deep.

I am astonished that the Democrats have simply left this door wide open. But for heaven's sake, let's charge through it, before Nancy and Pinky come to their senses!

For one example, I hope the Republicans quickly put together the best ideas from their own last several attempts to overturn the CRA, reform plans that were very well thought out and would have helped immeasurably:

• Start with the Gramm deregulation of 1999 (which removes the requirement that banks must make those bad loans);
• Add back in a certain amount of the regulation proposed by President Bush in 2003, which we now realize is necessary when corrupt Clintonite Democrats run Fannie Mae and Freddie Mac;
• Finally, pore through the 2005 reform co-sponsored by John S. McCain and Sens. Chuck Hagel (R-NE, 79%), Elizabeth Dole (R-NC, 92%), and John Sununu (R-NH, 84%) for any good ideas not already covered.

We would then have a very strong, effective, and attractive reform bill. Call it the Fix Your Fannie Act of 2008.

...Which the Democrats would certainly refuse to return to Congress to vote upon, thus giving Republicans in Congress and McCain a perfect platform to demonstrate that it is they, not the corrupt-to-the-core Democrats or Mr. Chicago Machine, Barack H. Obama, who are the real reformers on this bus.

Hatched by Dafydd on this day, September 18, 2008, at the time of 1:46 PM

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» And While We're On the Subject of Capitalism... from Big Lizards
How about this from that long-time champion of free markets, the New York Times? In extending a last-minute $85 billion lifeline to American International Group, the troubled insurer, Washington has not only turned away from decades of rhetoric about t... [Read More]

Tracked on September 18, 2008 4:35 PM

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The following hissed in response by: Pam

The above hissed in response by: Pam at September 18, 2008 6:27 PM

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