Sunday, July 25, 2010

FrankenDodd


You know that it is going to be a bad day when the picture above the fold on the front page is of a smiling Senator Chris Dodd and Representative Barney Frank.  As in so many other instances over the past two years, when President Obama and his Congressional allies win, America loses.  Generations yet unborn lost yesterday. 

The reason for FrankenDodd’s mirth was the signing of their version of financial reform.  Like so many other bait and switch measures by this Congress it neither reforms our financial system nor does it even begin to address the root causes of the financial problem.  However it isn’t that different from all the other measures enacted by this disastrous team.  The Stimulus bill didn’t stimulate the economy, the Health Care Reform bill won’t fix health care, and the administration that promised to be open is as opaque as ever.  I can’t think of a single thing that is better today than it was on November 3rd 2008 - nothing. 

It is particularly galling to see FrankenDodd grinning as they are the two people most responsible for the crisis that we find ourselves in.  The false narrative is that a lack of regulation caused the near collapse of the financial system.  However you can still search on “Armando Falcon” in YouTube and watch the government regulator get eviscerated by angry democrats who blocked meaningful limits on Freddie Mac and Fannie Mae.  In all likelihood we would have had some kind of mortgage lending crisis after decades of Federal meddling in the financial markets.  However the collapse of the two Government Sponsored Enterprises super-charged the destruction just as Mr. Falcon warned us it would in 2003.  

We can address this mess soon.  The voters banished Republicans to the Wilderness four years ago and they are now properly chastised – in short – they “get it.”  Fortunately for Prince William County Congressmen Frank Wolf and Rob Wittman get it.  The guy who has consistently been part of the problem is of course Jerry Connolly, but the good news is that Keith Fimian “gets it.”  The reality is that it is time to put an adult back in Jerry’s seat on November 2nd.  Once we do that we can address our wayward and spendthrift Senators. 

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