For those GOP establishment types that are pushing former Kansas City Fed Chair (’92-’96) Herman Cain as the man to fix the economy and rescue a collapsing financial system, watch Mr. Cain try to excuse his way out of not seeing the housing bubble. Then watch the cast of ‘Morning Joe’ ask Ron Paul how he knew and was warning about the collapse in 2003. The next bubble is the ‘dollar bubble’ and we’re in it right now. Wake up folks; Herman Cain is just more of the same with an even better disguise. (more…)
Massachusetts woke up earlier this year and reclaimed “The Kennedy” seat for the people when they voted for Scott Brown. Now they have an even better choice in Sean Bielat to retire one of the main reasons for the financial collapse which started with the housing bubble created by the Dems’ Community Reinvestment Act in 1977 and continued with the House Financial Services oversight by 30 year career politician, Barney Frank. Mr. Frank, by the way, has absolutely no private sector or business experience at all; none, nada, zip. How does a guy that knows nothing about how a business actually survives and thrives, become the chairman of one of the most influential, (if not the most influential), committees in Congress? How?
I don’t think that Fannie and Freddie are financially insolvent. I don’t think they need large bailouts. – Barney Frank, 2008
and my personal favorite:
I doubt that Treasury will write a check to Fannie and Freddie – 2008
Not only has the Treasury written $148 billion in checks, but on December 25th, 2009 (Merry Christmas!), the Treasury lifted the $400 billion dollar cap for these two mortgage giants allowing them unlimited funding. The worst case scenario for the bailout of Fannie and Freddie is $1 TRILLION.
Barney has been the Chairman of the House Financial Services Committee since 2007 which oversees the financial services industry in it’s entirety; housing, banking, investment, securities and insurance. Nobody could be this stupid, and from everything I have seen of Mr. Frank, he is one of the most intelligent people in Congress which bodes darkly for us. A service and conflict record of an employee in the private sector this lacking in judgement would beg for dismissal. Massachusetts now has a choice; may they choose wisely.
May I introduce to my readers the constitutional candidate (with a business background) that is giving Barney the first competition he has felt in more than two decades; Sean Bielat.
I do believe that Sean’s Wharton MBA sheepskin trumps Barney’s Harvard law degree when it comes to fixing the economy, and we all know that ‘it’s the economy stupid!’.
Sean Bielat is the first strong challenger to Barney Frank since the 1980s. His experience and accomplishments have shaped his views:
—As a businessman, Sean believes in focusing on economic growth and fiscal responsibility
—As a Marine, he believes in peace through strength
—As an American, he believes in a return to Constitutional values and citizen-legislators
Sean’s career highlights include—
- Major, U.S Marine Corps Reserve
- Independent Consultant. Helped client companies build market strategies
- Program Manager, iRobot Corporation. Led $100 million, 100 person business line providing life-saving defense robots used to destroy roadside bombs in Iraq and Afghanistan
- Chairman, NATO Industrial Armaments Group. Led an international team studying the potential for use of advanced reconnaissance technology in urban warfare
- Management Consultant, Mckinsey & Company
- Lieutenant, U.S. Marine Corps (active duty)
Sean and his wife are residents of Brookline, MA and recently had their first child, Theo. They are members of St. Mary of the Assumption Catholic Church in Brookline. Sean currently works as an independent consultant and serves as an officer in the Marine Corps Reserve.
Sean worked his way through college and graduate school, aided by scholarships and the GI Bill. He now holds a Master in Public Policy from the Harvard Kennedy School of Government, a Bachelor of Arts from Georgetown University, and a Master of Business Administration from The Wharton School, University of Pennsylvania. He is a member of the Knights of Columbus, the International Institute for Security Studies, and the Council on Emerging National Security Affairs.
As I have stated in the past, all of these local races have become national referendums on the continued survival of America as a free nation. Scott Brown, Charles Djou, Nikki Haley, John Willoughby, Allen West, Marco Rubio, Dan Benishek, Christine O’Donnell, Sharron Angle, Joe Miller…and the list goes on. Please donate to Sean’s campaign in any way that you can as taking down the great white shark, Barney Frank will do more to demoralize and derail the progressives than any other candidate except for Nancy. Remember, the other sweetheart deal, money man, Chris Dodd, is retiring.
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.
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.