This is pretty massive hypocrisy even coming from a world-class hypocrite:
Tuesday, May 25, 2010
Obama asks Hill for line-item veto he once opposed
When President George W. Bush called for a kind of line-item veto four years ago, the top Senate Democrat said it was like getting a “bad sore throat,” and the No. 2 House Democrat called it “a sham.” On Monday, President Obama asked them to reconsider and pass something very similar, for his sake.
With fears of a Greek-style debt collapse roiling a Congress already balking at new spending, the White House on Monday proposed a modified line-item veto that would give the administration another crack at forcing Congress to vote on spending cuts.
But the proposal will have to pass a Congress wary of giving up power over the purse, and would require a reversal by many Democrats who voted against a similar proposal from Mr. Bush.
One who’s already reversed himself is Mr. Obama, who as a senator in 2007 voted along with Sen. Joseph R. Biden Jr., now the vice president, and almost all of the rest of Senate Democrats to filibuster Mr. Bush’s proposal.
The White House said Mr. Obama embraced line-item powers by the time he won the White House, and that times are bad enough that Congress may now be ready to follow his lead.
“The fiscal context has changed as it became necessary to combat a severe economic downturn and as ongoing deficits have become a growing concern,” Peter R. Orszag, Mr. Obama’s budget director, told reporters. “We are hopeful the Congress will enact this legislation because it will help everyone to reduce unnecessary spending.”
He said the new presidential powers could encourage Congress to scrutinize spending bills more carefully, because lawmakers wouldn’t want to be shamed by having their projects singled out.
What is really amazing is the argument that Obama is giving to justify giving him a line-item veto: we’ve got a growing crisis, and the president needs this tool to avert it.
By Obama’s very own reasoning, he and the Democrat Party are fundamentally responsible for the 2008 economic collapse. Because had they given Bush this power, he could have averted the disaster – but they refused to give him the necessary power he needed.
A couple of quotes from US News & World Report must suffice to illustrate:
Seventeen. That’s how many times, according to this White House statement (hat tip Gateway Pundit), that the Bush administration has called for tighter regulation of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. [...]
… But it didn’t prevent them from spewing a huge amount of toxic waste, in the form of subprime and Alt-A mortgages, into our financial institutions from 2004 to 2007. As Stephen Spruiell points out in The Corner on National Review Online, Fannie and Freddie spewed out $1 trillion worth (face value) of subprime mortgages between 2005 and 2007. That’s a whole lot of toxic waste. For more detail, consult the items referred to in my previous blogpost on this subject (most of the comments seem to have been disputes about the plot line of the movie It’s a Wonderful Life, which I should think could be settled by consulting a reference work).
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans and opposed by all the Democrats in the Senate Banking Committee in 2005. That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs’ mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion’s share of their profits—which determined top executives’ bonuses—came from speculation.
And there’s your 2008 mortgage meltdown, in a nutshell. Bush warned and warned and warned about the impending crisis, to no avail. Because the same Democrats who refused to give Bush the power Obama now says he needs to avert disaster refused to heed Bush’s warnings, and kept pushing us closer and closer and closer to the implosion point. And then we imploded just as Bush had said we would.
I have always believed that the president should have a line-item veto – with the proviso that every line item veto be made a matter of public record so the American people could know what items the president was removing and who had installed those items in the first place.
This is just another of many, many proofs regarding what a gargantuan hypocrite slimeball the current occupant of the White House truly is.
But, for what it’s worth, it is probably unfair to single out Barack Obama as a slimeball, when so many of his fellow Democrats are also slimeballs. Near the conclusion of the Washington Times article, we have this:
House Budget Committee Chairman John M. Spratt Jr., South Carolina Democrat, said he will take the lead in introducing Mr. Obama’s proposal in Congress, calling it “a step forward on the path to fiscal responsibility.”
Mr. Spratt led opposition to the 2006 Bush proposal.
At some point they should just call themselves the Demagogue Party and dispense with the pretenses as to what they truly are.