Tag Archives: Stimulus

Revisionist History by the Boston Globe and Barney Frank

This week the Boston Globe and Representative Barney Frank (D – MA), two Massachusetts products for which its citizens should be wholly ashamed, took a laughable trip down revisionist history lane with regard to the housing bubble. The jumping off point for this latest rewrite by the Globe was the President’s announcement that he

plans to pump $4.25 billion of economic stimulus money into creating tens of thousands of federally subsidized rental units in American cities.

Forgetting the question of how $4.25 billion of our tax dollars get redirected from economic stimulus to liberal pet project without so much as a discussion, does no one recall the 1970’s fiasco that was the housing projects? I know Mr. Obama didn’t arrive in Chicago until the Chicago P.D. had finished fighting its WAR with the gangs who had taken over the projects in that city, but hasn’t someone in his cabinet studied the issue or maybe at least watched the History Channel?

Unfortunately, that memory lapse is only the beginning of the distortion in the Globe’s article. Just a couple paragraphs later, the author jumps the proverbial tracks and begins to rewrite history in a way that can only be described as nonsensical.

“I’ve always said the American dream should be a home – not homeownership,’’ said Representative Barney Frank, chairman of the House Financial Services Committee and one of the earliest critics of the Bush administration’s push to put mortgages in the hands of low- and moderate-income people.

Interestingly Barney says he’s never been for home ownership, but here he is in 2005 saying he IS for home ownership while also saying he sees no housing bubble. Good call Barney!

I’m not sure how one gets a job writing for a major metropolitan newspaper, but clearly reading, studying, remembering even the recent past, citing facts, and/or having any idea what you are talking about are not requirements. The policy of pushing home ownership was begun by Jimmy Carter under the Housing and Community Development Act of 1980. It was wildly expanded by Bill Clinton in 1994, under his National Homeownership Strategy, when Clinton directed HUD Secretary Henry Cisneros to come up with a plan. The Globe knows these things, but it isn’t the story they’d like to tell so they leave those details out.

Blaming George Bush for the housing bubble is laughable “journalism”. As a matter of FACT (stubborn things the Globe is not fond of nor familiar with) the Bush Administration tried desperately starting in 2001 to get Fannie Mae and Freddie Mac regulations dramatically tightened and told Congress that failure to act could be catastrophic to the financial system. Barney Frank and his Democratic pals sat there that day and said the Bush Administration was exaggerating. Barney actually said he saw no reason to believe Fannie and Freddie were headed for trouble and he said EVEN IF THEY DID GET IN TROUBLE THE FEDERAL GOVERNMENT  WOULDN’T BAIL THEM OUT! Don’t believe me, here’s the video of him saying it:

Barney, Barney, Barney. How dare you and your shills at the Boston Globe try to revise the story now. You and your Democratic colleagues had opportunities in 2001, 2003, and 2005 complete with warnings from the Treasury and the Fed on all 3 occasions to prevent this catastrophe. You failed your constituents and the American people at large. Hopefully the voters of Massachusetts will wake up and take your throne away from you.

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Anything Bad, Blame Him – Anything Good, Thank Me

Today in the White House Rose Garden President Obama claimed that his administration has saved the US economy from ‘catastrophe’. Hallelujah we’re saved! Yes, I am laughing hysterically as I type that. Along with his gigantic ego problem this President seems to also have a memory problem. You see, just 7 days ago, Mr. Obama once again trotted out his pitiful “blame my predecessor” defense coupled with the almost as weak, “this is going to take a long time to fix”. Members of his administration went on the Sunday morning talk shows and told us flat out that this was still President Bush’s economy. They told us that only a tiny, tiny fraction of the Obama stimulus package had been spent (one might ask why since it passed 5 months ago, but let’s not trifle). Now, a mere 7 days later, and while 9.4% of the U.S. population is unemployed and state and federal governments are running huge unsustainable deficits, Mr. Obama has decided everything is all better now.

Ok, he didn’t go quite that far, but his position and his audacity is no less prepostorous. I wonder what he’ll say next week if the jobs report or other economic news isn’t quite so upbeat? I wonder how many more times the American people will let him get away with blaming the other guy for bad news and taking credit for all the good news?

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What Was the Rush?

Remember when the Democrats and the Obama administration told us it was urgent that we pass the $787 billion stimulus bill? Remember the “emergency” that resulted in Congress voted on it after only 12 hours for Congressmen to read the 1,100 page bill? Remember when it was such a crisis, that President Obama felt he had to break his promise to the American people that he would not sign any legislation for 5 days to allow time for public comment? Those who urged caution or suggested hearings be held to determine the likelihood of the stimulus strategy succeeding were shouted down – there wasn’t time for that we were told.

Why then has this government only managed to spend 6% of that money in the 3 months since the bill’s passage? A mere $46 billion of the $787 billion stimulus package has gone into circulation. Proponents of the stimulus will say the money is coming, it just takes time to get in motion. Fine, point conceeded. But, that does not begin to speak to the point. If it was always the plan for it to take months for the stimulus money to enter circulation, what possible reason was there for rushing the 1100 page legislation with 9000 earmarks through Congres and across the President’s desk? Why couldn’t our leaders show a modicum of responsibility and honor? Yes, that was a rhetorical question.

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