Video:Gop Leadership Press Conference 3/23

Various and Sundry:

What’s next on the agenda of our betters in the Democrat Socialist party, you ask?


Democrats to Reform the Financial Services Industry—what Could Possibly Go Wrong?

Fannie Mae and Freddie Mac were the main cause of the nation’s current financial turmoil.  With encouragement from Congressional Democrats, Fannie and Freddie were major purchasers of subprime securities, which allowed the GSEs to receive credit toward their federally-mandated affordable housing goals.  Fannie and Freddie also guaranteed Alt-A loans, which did not require the verification of income or assets for potential borrowers.  In return for Democrat support, the GSEs received protection from any meaningful reforms.  The primary protectors of Fannie and Freddie, Rep. Barney Frank (D-MA) and Senator Chris Dodd (D-CT), are now offering irresponsible financial services reform plans that place the financial services system in the control of the federal government, while again ignoring any reform of Fannie and Freddie.  Yet, the Obama administration has committed to providing the GSEs unlimited taxpayer funded bailouts as their losses continue to mount.  In fact, after posting its tenth consecutive quarterly loss, Fannie, on February 25, requested an additional $15.3 billion of taxpayer funds.  As AEI’s Peter Wallison noted, “By the end of 2008, Fannie and Freddie held or guaranteed approximately 10 million subprime and Alt-A mortgages and mortgage-backed securities…These are now defaulting at unprecedented rates…Since 2008, under government control, the two agencies have continued to buy dicey mortgages…”  To date, the taxpayers have lost $126.9 billion bailing out the two firms and the Democrats continue to pretend not to notice.

Democrats Choose Bailouts, snub Taxpayers

At a GSE reform hearing in 2003, Rep. Barney Frank (D-MA) stated, ”These two entities-Fannie Mae and Freddie Mac-are not facing any kind of financial crisis.  The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

At a GSE reform hearing in 2004, Rep. William Lacy Clay (D-MO) stated, “This hearing is about a political lynching of Franklin Raines.”

At the same 2004 hearing, Rep. Gregory Meeks (D-NY) stated, “I am just pissed off…[N]ow the problem that we have and that we are faced with is maybe some individuals who wanted to do away with GSEs in the first place, you [the safety and soundness regulator] have given them an excuse to try to have this forum so that we can talk about it and maybe change the direction and the mission of what the GSEs had, which they have done a tremendous job…”

Rep. Maxine Waters (D-CA) stated, “Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines.”

At a Senate Banking Committee hearing in 2004, Sen. Christopher Dodd (D-CT) stated, “[T]his [Fannie and Freddie] is one of the great success stories of all time…[O]bviously, the 70 percent of Americans who own their own homes today, in no small measure, due because of the work that’s been done here.”

At the same 2004 Senate hearing, Senator Chuck Schumer (D-NY), stated, “And my worry is that we’re using the recent safety and soundness concerns, particularly with Freddie, and with a poor regulator, as a straw man to curtail Fannie and Freddie’s mission.”

In a 2008 press release, Rep. Artur Davis (D-AL) stated, “Frankly, I wish my Democratic colleagues would admit that when it comes to Fannie and Freddie, we were wrong.”

Neat huh?

Rasmussen has Dingy Harry at an 8% approval rating and Nancy Pelosi at 11%.

Great job guys!

America really really doesn’t love you.

Ace says: Every Republican Ad Needs to Carry This Image.

(Stoaty Weasel illustrates her disgust with Pelosi, here).

November can’t get here soon enough.

Linked by Michelle Malkin, thanks!


There Will Be Lots More Of This To Come…

Already, Obama’s PR campaign to calm “dubious” voters has run into a snag:

Via Whip Eric Cantor’s office:

Just prior to signing the Dem health care bill, President Obama claimed that there would be no cuts in “guaranteed benefits” for seniors – despite massive cuts to the overall Medicare program.

President Obama: “I want seniors to know, despite what some have said, these reforms will not cut your guaranteed benefits.” (Remarks Made At Signing Ceremony, 3/23/10)

Fact Check: The Senate Bill + Reconciliation Bill + Rules Manager’s Amendment = $528.5 Billion in cuts to Medicare (CBO Letter To Speaker Pelosi, 3/20/10)


Obama’s Race Obsessed Nominee for the Ninth Circuit, Goodwin Liu

Gabe at AoSHQ wonders if Republican Senators will ‘hide under their desks’, as they did during the Sotomayor  nomination, to avoid being perceived as “mean” during the judiciary hearing for Goodwin Liu, slated for Wednesday. But there are good reasons to oppose his nomination, including his support for reparations:

Morgen at Verum Serum has dug up Liu’s 2008 appearance on PBS. There’s no easy soundbite here, like there was with Justice “Wise Latina” Sotomayor. Liu talks about white guilt and then obscures that issue somewhat by asserting that all modern non-black Americans share responsibility for the “benefit” of the slave trade and must agree to give something up. He suggests, “the seat at Harvard, our segregated neighborhoods, money.”

You can watch the video at Verum Serum, or AoSHQ.

Justice Antonin Scalia’s former clerk and today’s president of the Ethics and Public Policy Center Ed Whelan, writing for NRO’s Bench Memos described Liu’s grand ambitions, here:

I’ve commented before on Ninth Circuit nominee Goodwin Liu’s woeful inexperience, which should have had him struggling to avoid a “not qualified” rating by the ABA.  I’ll note that a story in today’s Washington Post manages to overstate Liu’s meager experience, as it asserts that he “worked only a few years in private practice.”  In fact, Liu worked as a junior associate at O’Melveny & Myers for less than two years (21 months).  (He also worked as a contract attorney for a law firm for some weeks before he clerked for Justice Ginsburg.)

As inexperienced as Liu is, his ambition vastly exceeds his inexperience.  Two weeks before the November 2008 presidential election, Liu took part in an American Constitution Society event,* “Counting to Five: What the 2008 Election Will Mean for the Supreme Court,” in which he stressed that Barack Obama, if elected president, should take care to nominate federal appellate judges who would be young enough to be groomed for the Supreme Court.  He also emphasized the need for the American Constitution Society and other liberal groups to “hold the administration’s feet to the fire”—i.e., to press for the nomination of very liberal judges.

On his fidelity to the Constitution, Whelan says:

Liu is closely aligned with various left-wing groups.  For example, he is (or recently was) on the boards of directors of the American Constitution Society, the ACLU of Northern California, and the National Women’s Law Center.  He apparently practiced law for about two years.

Liu is co-author of an ACS book titled Keeping Faith with the Constitution.  But what Liu means by “keeping faith” is evidently adherence to the living-constitutionalist gimmick that judges can redefine the Constitution to mean whatever they want it to mean.  Here’s how Liu explains his and his co-authors’ concept of constitutional fidelity in an ACS podcast (around the 1:30 mark):  “What we mean by fidelity is that the Constitution should be interpreted in ways that adapt its principles and its text to the challenges and conditions of our society in every succeeding generation.”

He appears to hold the position “that judges have the authority to impose their views…using clever verbal camouflage to disguise what they are doing…”

After experiencing the corrupt and obscene Obamacare cramdown, bitter Republican Senators should be spoiling for a fight. Obama has  spent the entirety of his political capital on the health care debacle, and nothing he does from now on should be deemed “inevitable”. Republicans should fight and block every single thing these Marxists throw at us from now until reinforcements arrive in January.