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Just another reactionist editorial from the NYT, blaming Republicans for issues that should belong to both parties in general, and Barney Frank in particular. To name their pet financial reform law the "Dodd - Frank" financial reform law was ironic and laughable.

Barney Frank should be in jail.

Barney Frank's obstructionism to Fannie Mae - Freddie Mac reform must be mentioned again and again. He, more than any other Democrat politician, brought on much of this financial collapse with his refusal to allow George Bush (who asked 17 times) to put Fannie Mae - Freddie Mac under tight regulation along with GSE's in 2007.  Morgen Richmond ...

Let it be noted that in May 2007 Barney Frank and the Democrat-controlled House would go on to pass GSE reform legislation. Legislation which was adamantly opposed by the Treasury Dept. and the Bush Administration for limiting federal oversight of Fannie and Freddie’s mortgage holdings. Legislation which included
Frank’s pet project, an “affordable housing” fund backed by tax payers.

Let it also be noted that going into 2007 Fannie and Freddie had never in history been allowed to purchase or finance sub-prime mortgages. But under pressure from Democrats in Congress (including Frank), they were granted this authority by regulators in September 2007.

Let it also be noted that in 2007 Frank aggressively pushed to increase the maximum loan limits which could be underwritten by the GSE’s. A move which would ultimately transfer tens of billions of dollars of loan liabilities from private financial institutions to tax payers.

It’s no wonder that even after the total collapse of Fannie and Freddie in 2008, at an ultimate cost to tax payers which could exceed $400B, Barney Frank is still adamantly opposed to legislation which would prevent any further federal bailouts of the GSE’s. For Democrats like Frank, continued control over Fannie and Freddie represents the effective nationalization of the entire mortgage industry. It’s a dream come true for those who wish to use the power of the federal government to implement their desired social and redistributive policies.

The Community Reinvestment Act should be abolished; Fannie and Freddie, if allowed to continue to exist, must be tightly regulated.

Barney Frank should never have been re-elected.

Until Democrats are weaned away from the successful Moocher - Looter symbiosis they've used to construct an eager but pathetic voting base, a base that's guaranteed  to vote Democrat for reasons that are self-serving, ME FIRST!; a base that has nothing to offer but their outstretched, open, expectant palms, we will not have real financial reform. Until this symbiosis is challenged and broken, this Republic will remain at risk of collapse.

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By now any man or woman with any sense of depth perception will realize that our stalled economic condition is not going to change for the better until the current far-left Democrats (the ones feeding the looter - moocher death spiral) are driven from power. Of course this must include the "Professional Left" Democrats, who will deny this bit of obviousness and go along with Obama and Bernanke's desire to throw more stimulus monies at the problem(s). But the Obamabots and Obama Hisself might just be beginning to realize that they don't have a clue as how to fix this crisis. We'll see what approach they will back when prezzidint TeleprO!mptO!r gives his major economic speech next week.

In the meantime, Intel's CEO Paul Otellini doesn't pull any punches...

Paul Otellini's remarks at the Technology Policy Institute's Aspen Forum amounted to a warning to Obama administration officials and Capitol Hill aides in the audience. Unless government policies are altered, he predicted, "the next big thing will not be invented here. Jobs will not be created here."

The U.S. legal environment has become so hostile to business, Otellini said, that there is likely to be an "inevitable erosion and shift of wealth, much like we're seeing today in Europe--this is the bitter truth."

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Otellini singled out the political state of affairs in Democrat-dominated Washington, saying: "I think this group does not understand what it takes to create jobs. And I think they're flummoxed by their experiment in Keynesian economics not working."

Keynesian economic theory is proven a failure...unless, as believed by the likes of Federal Reserve Chairman Ben Bernanke, that we just didn't throw enough money out there the first time, and we need to mass produce and borrow more!

Can you believe this crazy loon? To create more money that doesn't exist to pump into an economy already stifled by debt and ever-increasing social programs (designed to lure stupid voters to vote for Democrats: the looter - moocher death spiral mentioned above) and the dead housing market, killed by Democrat's failed 'social justice and equality of outcomes' Community Reinvestment Act.

The next economy-killing shoe to drop? Let's see, President Bush's tax cuts are slated to expire January 1, 2011. If that goes down, prepare to see all hell break loose.

How much longer will we be able to sustain a viable national economy with Social Democrats in power? Will November get here soon enough ?

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