Dear Senator McCain:
Please allow me to clarify: in the headline above, I am not referencing your obtuse refusal to let facts get in the way of your lame defense of the mythology/religion disguised as the "truth" about "man-made" Global Warming; no, what I am referring to is your apparent indifference to allowing Marxists disguised as Democrats to define the entire debate about what caused this financial crisis. You are allowing them to perpetuate and circulate widely an out-and-out lie--a lie so grand and diabolical that it ignores historical fact (i.e. that unhindered Capitalism is the greatest engine for creation of wealth, full employment and for raising the standard of living for everyone --that the world has ever known.) History has demonstrated over and over again that Socialism--or any large-scale interference by government in the operation of free markets--is among the most destructive non-military forces in human history.
Senator, as you well know, we now are finally seeing the end result of years of Democrats such as Barney Frank and Christopher Dodd and Chuck Schumer running interference for their surrogates Fannie, Freddie and ACORN (all of which, in turn, kicked back out millions in campaign contributions to the same gallery of rogues...)--which has engineered this financial crisis as if it were planned by some diabolical mind.
What is most disturbing about this John, is that you have stood on the Senate floor (two years ago!) and warned us of this, but even then you would not name names. But today... today to not name names, when our country is at the precipice of a true catastrophe; that is unconscionable.
The truth--just waiting for someone to speak it--is that the Democrats have been the primary driving force behind the Federal Government literally forcing banks (see: the "Community Reinvestment Act") to lend billions to "disadvantaged" minorities who had no business whatsoever getting those loans. This was done in the name of "providing opportunity" to those who had not been able to own a home in the past. Tens of thousands of loans were doled out; loans which no bank nor financial entity would ever have approved, had not the Federal Government forced them to. For this we have to thank: President Carter. President Clinton. George Soros. Janet Reno. Barney Frank. Chris Dodd. Chuck Schumer. And a cast of other rogues who, in the name of populism and "fairness", have sold their country down the river.
Ultimately, their treachery was not "helping the poor realize the American dream" as they claimed it would do; rather, it was helping people without the means to do so to ROB banksof capital and wealth that could otherwise have been utilized more effectively to help our economy grow. In the name of "fairness" the Leftists have enabled the "disadvantaged" to drain all of the oil from the very engine that has kept America employed and prosperous. Is it any wonder that as a result, today that engine is "locking up"?
Yet--even as these cretins point their bony fingers of blame at "greedy bankers" and "market capitalism"--you, Senator McCain, persit in your refusal to direct the light of truth to the direction of the real cause of this crisis.
Why??? Is it because you are afraid of some ACORN activist calling you a "racist"? Good grief man, you have endured worse in your life! You can't handle some "community activists" (read: solicitors of voter fraud) using the same race-baiting tactics they have been using since the days of Malcolm X? If not, then why should any person who actually gets what is really going on actually believe that you can handle the Presidency? We may know that Obama would be a catastrophe, but how are you going to convince independents from middle America that you can solve their problems if you can't even identify their problem?
These loans were not wrong because they went mostly to people of different skin color; these loans were criminal--because no banker in his right mind would have made most of these loans, because the people they were lending to were more than likely not going to pay the loans back.
Why should any bank--a business like any other--make a loan under such circumstances? A: because they HAD to. Sorry folks, but that is not free market capitalism, no matter what Nancy Pelosi says. That is not the absence of regulation; it is the consequences of too much regulation.
And... after about 20 years of this government "intervention", the note has finally come due--and as a result the banks are failing like dominoes. So the very same corrupt-to-the-core politicians that caused the latest crisis have asked us--several times now--to bail them out. And we did!
It is Frank, Dodd, Schumer, et. al. who should be posting bail right now. Yet, Senator you apparently are too damn scared of the almighty media (your best friends, right John?) to dare to speak the truth about this crime of the century.
Man Up, for God's sake. This is not a game; this is our future, our retirement, and our childrens' future.
You ought to know all of this; after all, was it not you that warned us all about this on the Senate floor two years ago--even as these same Democrats filibustered repeated Republican attempts to establish more oversight and accountability over Freddie and Frannie. Was it not the Republicans and President Bush who raised the alarm about the danger of Fannie and Freddie taking on all this bad debt with very little oversight--even as Frank, Dodd, and Schumer paraded to microphones and to the pages of the New York Times to state repeatedly "there is no problem with Fannie and Freddie; if we tighten the requirements all these (unable to repay the loan) people won't be able to realize the American dream! ..." ?
Today these same corrupt politicians have the utter audacity to blame the BANKS and WALL ST. and FREE MARKETS for their own manipulation of those markets. These are the same pols who forced the bankers to IGNORE common-sense lending and accounting principles.
The problem is not now and never has been the free market; the problem is that the Democrats have been preventing the free markets from doing what markets are supposed to do. And yet you, Senator are chiming in with the very people who caused this problem in assigning blame to the market economy. How could you? It is hard not to view this as a betrayal of the highest order, made even more so by the fact that you saw the problem coming. Yet you still refuse to name the culprit.
You say you would rather lose an election than lose a war; would you also rather us all to lose the American way of life because you are so timid about telling the truth??
Your "camp" is apparently so petrified of 'race-based' accusations by your opponents that you-- the fighter pilot who endured unbearable torture--today stand there like a deer in the headlights, afraid to tell the TRUTH, even as the Dems and their cheerleaders in the media LIE to the American people about it. Many of the people are clueless enough that they are buying this load of crap. And yet you will not speak the truth.
Unfortunately, Senator, those "headlights" happen to be a runaway freight train that is about to wipe us ALL out. I know it is difficult John, because you aren't even President yet, but this situation requires being Presidential. Bush is so neutered that he won't do it, and no one would listen to him if he tried. YOU have to do it.
P.S. Virtually none of the people in the demographic who have benefited from all these abominable loans are going to vote for you anyway; so why are you so afraid of "offending" them? Or is it that you still are operating under the illusion that the media will treat you "fairly" if you don't go there? Right.
Put down the pipe John. It's screwing up your reasoning.
Here is the thing: no one is going to tell the people for you--and especially not the DNC propaganda machine known as the MSM. YOU HAVE TO DO IT.
Apparently you think that Americans can't handle the truth--when the reality is that we have never needed the truth to come out more urgently.
Yet there you sit. When the going gets tough--when a tough decision HAS to be made, you seem to be demonstrating that you don't have the courage to stand up for what is right and true.
It is really beyond belief that a Republican--who announces in a debate that he was part of the "Reagan Revolution"--is afraid to defend the very economic principles that have given us the highest standard of living on Earth.
But because Obama is such an abomination; because the very thought of a Marxist in office is so such a monstrous idea to even contemplate--here I am, typing away, trying to avoid the conclusion that you actually are trying to lose this thing on purpose, and to flush the rest of us down the toilet with you.
Man up, John. We need you now. Cut the crap and tell the truth.
Second: stop being such a wimp; there is no question--you must attack Obama relentlessly--and you must not let up until after the election is over. Obama is cutting you to shreds every single day on the stump and in the media, yet and you won't even go after his past associations, his complete dearth of experience, his hard-left ideology--you won't even tell the truth about how they ruined the economy. The mighty Oz is a corrupt, bankrupt party that has brought bankruptcy and financial ruin to every State in the Union where they have been governing for a long time (see: Michigan, Pennsylvania, Ohio, New Jersey...).
Q: If this is The Wizard of Oz, then where is Judy Garland when we need her?
A: We saw her debate Joe Biden; but your handlers won't let her tell the truth either.
John: just between us--If you do not change this dynamic, you are going to lose. For God's sake, man, tell the people the truth. We can handle the truth. But what our country cannot handle for much longer is the growing number of liars, and those who know better--who nevertheless would prefer to go along to get along. This is not what our country needs right now.
So Senator, I beg of you: please stop this madness. There is too much at stake.
James Pethokoukis agrees:
Here is the big question of the moment that many GOPers are asking: Why is John McCain not tearing into Barack Obama and the Dems on the huge role of Fannie Mae and Freddie Mac and the Community Reinvestment Act in the financial crisis on Wall Street? In fact, the biggest criticism by conservatives of Sarah Palin's debate performance last night was that she had the opportunity to talk about Fannie/Freddie and the CRA but instead criticized the role of "predatory lenders."
Here is what Team McCain is telling me: Expect McCain to make the case on television, but don't look for him to turn to Obama in the next debate, point his finger, and say something like this (courtesy of the Ace of Spades HQ blog):
I stayed away from making these partisan attacks, even though you lied ridiculously about me and your own attempts at 'reform.' I held back, because partisan attacks—even truthful ones—would harm our country and reduce the chances of getting a vital bill passed. Well, the bill is now passed. I put country first. You didn't, and you lied on top of that. And now—only now that this crisis has been dealt with, to the extent we can—I'm going to give you a bit of straight-talk about Fannie, Freddie, my attempts to reform it, and your attempts to block reform on behalf of your big donors and friends in ACORN.
Nope, that is not going to happen Why not? 1) It is a complicated argument, and McCain is not good at making complicated arguments, not even about earmarks. (Note, additionally, his lack of defense of the war in Iraq during his debate with Obama. Amazing.)
2) There is a racial component to criticism of the Community Reinvestment Act that can make it sound like you are scapegoating minorities for Wall Street's problems.
3) The campaign believes McCain's time is better spent talking about taxes and energy and healthcare. Really.
There is a newish TV ad about Fannie and Freddie. You tell me if it makes the point conservatives desperately want McCain to make. I don't think it explicitly or aggressively connects the dots the way activists crave. Here is the transcript:
ANNCR: John McCain fought to rein in Fannie and Freddie.
The Post says: McCain "pushed for stronger regulation"..."while Mr. Obama was notably silent."
But, Democrats blocked the reforms.
Then, the bubble burst.
And, taxpayers are on the hook for billions.
Bill Clinton knows who is responsible.
PRESIDENT BILL CLINTON: "I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac."
ANNCR: You're right, Mr. President. It didn't have to happen.
JOHN McCAIN: I'm John McCain and I approve this message.
My bottom line: The McCain campaign is underestimating how absolutely furious conservatives are that free markets, and by extension Reaganomics and the last 25 years of American economic policy, are getting the blame for the housing and credit crisis. A real morale killer, they tell me. Over and over. Every day.