Nancy Pelosi's Congress with 9% Approval Crashes Stockmarket With Congressional Inaction; Dow Loses 777; Nasdaq loses 199
America witnessed up close today the worst Congress in American history -- led by Democrat Speaker of the House Nancy Pelosi from San Francisco -- in action, or more accurately, in inaction. The 110th Congress -- with an incredibly low 9% approval rating and which may be lucky to have a 1% approval rating soon -- failed to pass a rescue bill for some greedy and incompetent Wall Street firms following a radically-partisan speech by Nancy Pelosi on the House of Representatives floor before the vote.
The Democrats -- who caused the problem in the first place when they were last in control of Congress -- had passed legislation forcing banks, mortgage companies and other financial institutions, to lend money to people who could not afford their home loans such as those who bought McMansions they could not afford or those who did not have the income to buy a home.
Nancy Pelosi, Barney Frank, Chris Dodd (the latter two the main negotiators for the Democrats in Congress to come up with a bail-out plan for Wall Street) and other left-wing members of Congress also refused to go along with congressional Republicans -- when the Republicans controlled Congress -- and with President George W. Bush to rein in the semi-government mortgage agencies Freddie Mac and Fannie Mae.
The Democrat Party's presidential candidate is so entwined with these two nearly bankrupt organizations that two of three of Obama's vice presidential team were the top executives of one of these mortgage companies. He received the second most political donations in the entire Congress from Freddie and Fannie. These executives were compensated with financial packages worth near or over one hundred million dollars and led their agencies to near-bankruptcy.
Even their previous president, Bill Clinton, said that the Democrats have been "resisting any efforts by Republicans in the Congress or by me . . . to put some standards and tighten up a little on Fannie Mae and Freddie Mac" as reported in an "Investor's Daily" editorial last Friday. The editorial went on to say that "Even after regulators in 2003 uncovered a scheme by Fannie and Freddie executives to overstate earnings by $10.6 billion to boost bonuses, Democrats killed reform."
Back in 2003 when the Democrats were in the minority and could have prevented the current crisis by not blocking the Republican reform bill, the then-ranking member of the House of Representatives Financial Services Committee, Barney Frank, pooh-poohed a get-tough on Fannie and Freddie bill saying: "Fannie Mae and Freddie Mac are not facing any kind of financial crisis." Nancy Pelosi and Harry Reid and other left-wing Democrats led the way to prevent commonsense legislation introduced by the Republicans to rein in these renegade mortgage companies and America is enduring the current pain as a result.
What is beyond belief, and indeed frightening, is that America would even toy with the idea of putting their candidate into the White House and give them even bigger majorities in the Senate and the House of Representatives.