LAMBRO: Subprime mortgage suspects

Our Congress simply has no idea of the impact of any of their legislation on the real world. Just look at the biofuels debacle based on a bogus consensus driven global warming state of fear. Gas prices went UP and so did food prices, thank you very much. Our political system of seniority belongs in the 20th century with the 20th century politicians. Congress uses seniority like the CEO parachutes but for power instead of money. What gives Barney Frank the fiscal subject matter expertise? Where is his "merit" certification on fiscal oversight? Where are any Congresspersons? John McCain is right - "All these functions of government were designed before the rise of the global economy, the information technology revolution and the end of the Cold War. We have to catch up to history, and we have to change the way we do business in Washington." Lets start first with national congressional term limits and then start looking at national congressional gridlock. Get something done or we WILL replace you with someone who can.

"A crucial problem of practical policy occurs when self-organizing economic systems are allowed to be influenced by political interventions." Klaus Mainzer, Thinking in Complexity

I'd love to replace them but the system we have makes it all but impossible for any "Normal" person to run for office. Unless one is blessed by the established parties, and can acquire tens of millions of dollars, you can kiss your chances goodbye.

This is what happens when you give socialist power to interfer in the economy. Now if the voters will just believe the facts and start removing the socialist from office.

By: Beachcomer: Everyone should go to Youtube and see "Burnig down the house - what caused our economic crisis" If McCain had used this information he would have won the debate in a walk. I wish the Washington Times would put this all over their front page in big black print. Otherwise it will be President Obama.

Watching the statements of Democrats defending this GSE and its corrupt leaders, Raines, etc., is mind blowing. These are the guys who will always lambaste private sector executives for the same corruption exhibited by Raines and company. The difference, of course, is they have their hands in the piggy bank that was Freddie and Fannie and not (YET) in the private sector. These people have got to be held accountable. Call, write, e-mail, "get in the face" of your elected officials and let them hear it. We have to really "take our country back!"

This needs to be presented to the Taxpayers in no uncertain terms. Who is going to air this ugly chapter? The MSM? riiiight. If the Republicans started this attack, with sound bites, Bill numbers, and testimony, they may stand to gain a great deal. The trouble is it seems that they take for granted people actually know the truth. Start running the ads, America is watching.

I'm probably not the only one surpised that MG and SDIndependent haven't posted on this article. Kind of hard for them to twist the logic on this one.

It's about time some media other than the WSJ finally tripped upon these connections. Where are the McCain ads? I would clip together some relevant quotes, especially the Greenspan quote and some McCain quotes from his speech on the legislation he backed in '05. And I would interlace quotes from Democrats like Dodd and especially Frank and Raines. Are we really bailing out Wall Street or are we just righting the wrongs our government perpetrated on our financial system?

The only way to end all this is to have the loyal military take over and start fresh. Government should be here for the protection of our borders, ensure interstate commerce, and then get out of the way of capitalism. Those who don't like it can move somewhere else.

If the Republicans lose this election, it’s because none of their spokespersons explained the situation like Donald Lambro has done here. In a way, they deserve to lose. I’ve seen and heard and read Barney’s Franks accusations that this Administration, the Republicans and John McCain (through association) are to blame for this financial crisis. Not once did I hear a Republican declare, “No, Mr. Frank … you are the reason that we are where we are right now!” I don’t know whether they decided to give him a free pass thinking that the media would uncover the truth and get it out there, but, alas the media did not do their job. In fact, Barack Obama will probably win this election because the majority of Americans do not know about about Frank's, Dodd's, Clinton's and Obama’s culpability. Instead, they will blame Bush and the free market.

This is spot on for the ground floor of the problem but left a few floors out. Many of these mortgages are speculators. These speculators wouldn't have a happened without the changes in the capital gains tax for home sales. The global extent of this disaster wouldn't be possible without the abuse of leverage and derivatives. Finally the gov'ts fiscal policies also poured gasoline onto a raging fire. Now that the SEC has changed the mark to market rules (talk about letting the charred remains of the cow out of the barn after its burnt down) I see no let up on calls for this monstrosity of a bailout. This rule in and of itself should buy the overleveraged companies time to deleverage. Why isn't anyone calling for that?

McCain missed huge opportunity to prove his reform credentials, by intoning "bipartisanship, let's all get along," on the bailout. His advisers do not have their fingers on the pulse of the electorate and they are probably part of the crew who caused and will benefit from bailout. Too bad he doesn't have access to alternative strategists. Dems will blame GOP no matter what, so GOP has no reason to go along with this.

soxconn is on the mark: it's time to start talking about cleaning the House and Senate. *** throw them out *** Probably too late for this election, but 2010, 2012, ... Congress needs to get an earful and be fearful. Remember the early 90's (the Ross Perot era) ? There was **a lot** of talk about term limits and "throwing them out". That sentiment needs to be revived.

The usual problem. A State Bank is not supervised, audited or regulated like a private one. A State Bank is subject to much political pressure to lend money. A State Bank has to remember they are bankers and their prime responsibility is to the deposit holders and they are not a charity, that job belongs to the Welfare department. A State Bank's management are required to strictly abide by the law and regulations, otherwise they would follow the steps of State banks in developing countries and must be rescued every few years.