Doomer friend Bill Maloni isn’t as familiar with Chris Whalen as we are here in the Castle. Chris is co-sponsor with Alex Pollock of AEI’s valuable semiannual seminars on the subprime crisis that started in March 2007, and one of Alex’s crack team of super-bears.
In our dreams (and after the election 😉 ) we see Bill and Chris putting aside their ideological differences over a couple of beers. Chris’ bank industry knowledge would be a great complement to Bill’s political acumen.
By the way, Igor’s got a “Doom Family Values” warning out for the link in the off-topic last paragraph.
by Bill Maloni
Steeling Myself for Major Setbacks
It’s hard not to anticipate major Democrat losses on Tuesday given both the poor job that Democrats have done at all three levels of government and the amount of distorting ads aimed at congressional Democrats which the GOP and the Supreme Court [??! – jm] purchased third party money have produced.
But opposition to those in power always will be there in our nation and Republican/Right Wing money generation is well understood.
Democratic Party policy and political mistakes—in my opinion—have fueled the Tea Party and other right wing efforts far more than Karl Rove and his posse’s money raising.
Can anyone really explain where the “health care savings” are or will be? How about how the regulatory reform law will help consumers and rein in Wall Street avarice or financial industry remuneration?
Those are just two examples or bad messaging and weak statute, both D responsibilities.
No matter what Tuesday brings, Democrats need to look in the mirror and, like Walt Kelly’s Pogo, realize that “The enemy is us.”
Democrats need to learn how to govern, not just win a lay-up election in the wake of a crappy, crummy GOP President.
Apparently, the Democratic Party hasn’t mastered that governing art, yet. We’ll know on Wednesday if it will be “Speaker Boehner.”
I have never understood the right wing allegation against Fannie Mae and Freddie Mac that they “privatized their gains but stuck the federal government with their losses.”
I challenge those who hurl that falsehood at Fannie and Freddie. Offer one example of that behavior, before the government slapped both companies into “conservatorship,” effectively federalizing them, and all but stopping any entrepreneurial behavior at the formers GSEs.
It’s a myth and great hyperbole which appeals to the Tea Party types, but when, where, how did it happen and what’s the evidence?
Having been in the “beast’s belly,” as one national newswoman described my time at Fannie, I cannot remember one company officer saying or acting on, “OK we can take these risks because Uncle Sam stands behind us and it won’t matter if we fail, because we will get bailed out.”