You know it’s bad when a liberal bazillionaire like Mort Zuckerman has turned on you. What surprised me the most was his statement of fact that the Democrats were behind the housing crisis. I did not think I would ever hear that out of the mouth of someone who supported Obama, and someone so connected to the web (check out his bio at the bottom).
What about Fannie Mae and Freddie Mac that got there with the support of the Democrats in congress. That’s what kicked off the great housing bubble; that’s what started this whole thing rolling down the hill. Did they ever talk about that kind of excess in the congress? No…..this isn’t something that is just due to the “wall street community”.
Mr. Zuckerman has penned an opinion piece in The Daily Beast that should set Obama back on his heels even more than the trouncing the dems just took in Massachusetts.
He’s Done Everything Wrong
Obama punted on the economy and reversed the fortunes of the Democrats in 365 days.
He’s misjudged the character of the country in his whole approach. There’s the saying, “It’s the economy, stupid.” He didn’t get it. He was determined somehow or other to adopt a whole new agenda. He didn’t address the main issue.
This health-care plan is going to be a fiscal disaster for the country. Most of the country wanted to deal with costs, not expansion of coverage. This is going to raise costs dramatically.
In the campaign, he said he would change politics as usual. He did change them. It’s now worse than it was. I’ve now seen the kind of buying off of politicians that I’ve never seen before. It’s politically corrupt and it’s starting at the top. It’s revolting.
Mort seems to understand the old chinese proverb that the fish rots from the head. Take a moment and read the entire article. Might make your day to see someone other than bloggers making the same points you have been making for months.
Many of you have seen Burning Down The House about the Community Reinvestment Act which created the housing bubble; if not click the link. I dragged this video out of the vault from October 2008 and John Stossel about government’s involvement in the housing bubble.
Mortimer B. Zuckerman is chairman and editor in chief of U.S. News & World Report and publisher of the New York Daily News. He is also the co-founder and chairman of Boston Properties Inc. He is a trustee of the Council on Foreign Relations, the Washington Institute for Near East Studies, and the International Institute of Strategic Studies.
EXCELLENT, DT – thank you for this report, and the video. I had heard abt the actual editorial, but had not seen the video.
Abt time someone called the Dems on the whole Fannie/Freddie debacle. Anyone paying attention could see that the problems there helped cause the decline…
Your blaming Freddie Mac and Mae is much too simplistic. The sub prime lenders did a lot of damage as well as the investment companies that packaged and sold that debt. The worst damage occured because that debt was then rated as safe investment.
By the way, most feel that TARP saved us from a world-wide banking disaster and that the economic stimulus has created or saved thousands of jobs.