The Argument Against Idiots: Financial Crisis

September 22, 2008 – 13:35 ET

How to win the argument de jour with logic and facts

The issue:

‘Financial Crisis’

What the liberal whiners say:

‘The last thing we need is another 4 years of the failed Republican policies that have led us to the brink of disaster…with the mess they’ve made of huge financial institutions like Fannie Mae & AIG, that we now have to bail out!’

‘OK, ONE democrat doesn’t make this a democrat caused problem!’

‘That doesn’t explain this incredible mess we’re in now’

Your winning, logical, reasoned arguments

1. Fannie Mae really WAS run right into the ground wasn’t it? And guess what? It was DEMOCRATS who did it. Former Fannie Mae Chairman and CEO Franklin Raines was the White House budget director under Bill Clinton. He was also cited by the Washington Post as an economic advisor to…Barack Obama. Obama, in his very short time in the U.S. Senate also quickly became the second largest recipient of campaign contributions from Fannie Mae, ahead of even John Kerry.

2. Well then, there’s Jamie Gorelick. Does that name sound familiar? She served as Bill Clinton’s Deputy Attorney General. She installed the Intelligence “Wall of Separation” that helped lead to the disaster we suffered on 9/11. Then she served as Vice Chairman at Fannie Mae. In 2002, she told “BusinessWeek” that Fannie Mae was “very, very strong” and was “managed safely”. For her efforts, driving the company to the brink, she received $26 million plus bonuses.

3. Actually, in large part, it does. Fannie Mae is heavily involved with the Congressional Black Caucus. Interim CEO Daniel Mudd described the relationship Fannie Mae and the Congressional Black Caucus shared as a “family” relationship. The Caucus pressured Fannie Mae to get mortgage loans for millions of Americans who couldn’t afford them. Fannie Mae and Freddie Mac were the worst offenders in this housing loan crisis, which in turn caused so many banking institutions to go down with it. The crisis has had a domino effect throughout our financial institutions. In fact, AIG was in part brought down because it held $600 million in Fannie Mae and Freddie Mac. Meanwhile, President Bush has called for reforming Fannie and Freddie 17 TIMES this year alone! The democrats’ fingerprints are all over this crisis.