Financial Crisis: Beware of the Phrase “Both Sides are to Blame”

by: sher zieve | published: 09 22, 2008

Anytime we hear the members of the press say or write “both sides [Democrat and Republican] are to blame”, we can be certain of one thing—the Democrats have been caught red-handed with both of those hands in the cookie jar. So, in order to protect their own and lessen the scrutiny on the Democrat perpetrators, the mainstream media has to blame both sides. And as the media is diligently working 24/7 in order to get their candidate Obama elected, this is precisely the tactic that they are employing. Even Fox News is now broadcasting the “both sides are to blame” mantra. Even if not true, I guess that’s the “fair and balanced” way!

I have been one of those in the forefront of bringing up Republican lunacies and debacles when accurate and appropriate. But, with the possible few minor exceptions, the current financial fiasco can be planted firmly at the feet of Democrats. Sen. Chuck Schumer (D-NY) and Rep. Barney Frank (D-MA) ensured there was limited oversight and scrutiny of both Fannie Mae and Freddie MAC. After the Freddie MAC accounting scandal was brought to light (a year before another accounting calamity was uncovered with Fannie Mae), the Union Leader reports that Frank stated: “I do not think we are facing any kind of a crisis.” Until the Democrats’ Fannie Mae and Freddie MAC house of cards recently came crashing down, taking the rest of us with it, Frank remained instrumental in blocking all Republican attempts at reforming the agencies. The Leader also reports “The Wall Street Journal has pointed out, Frank “pressured regulators to ease up on their capital requirements -- which now means taxpayers will have to make up that capital shortfall.”

Prominent Democrats, including former head of Fannie Mae Franklin Raines and former Vice Chair of Fannie Mae Jamie Gorelick, made fortunes—said to have acquired over $100M each—by working for and ostensibly raiding one of the Democrats’ personal slush fund; AKA Fannie Mae. As a side note, despite Obama’s rage after the New Media brought it up, Franklin Raines has been tied to Obama as one of his “advisors.” Perhaps he’s “advising” Obama on how to further scam the system?

Another Democrat and former CEO of Fannie Mae who made millions—Jim Johnson—is yet another advisor to Candidate Obama! Obama asked Johnson to begin a search for his VP running mate.

So, as the leftist mainstream media and Obama adherents continue to redirect the blame from this possibly-the-biggest-Democrat-scandal-and-debacle-in-history (that has placed the US and the world into financial crisis) onto others, just remember where it started and who kept it going. Also remember who is expected to bail the Democrats out again—We the people, of course!

http://www.businessweek.com/the_thread/hotproperty/archives/2008/02/clintons_drive.html

http://www.unionleader.com/article.aspx?articleId=f78b0491-9b36-4478-9ee9-e23d6c06b24e&headline=Featuring+Frank%3A+Symbol+of+failure

http://www.transworldnews.com/NewsStory.aspx?id=47760&cat=14

Video: http://hotair.com/archives/2008/09/19/mccain-ad-jim-johnson/

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