Posts Tagged ‘Nancy Pelsosi’

Nancy Pelosi Promised Change, Too: Like Her “Change” So Far?

October 22, 2008

When Democrats swept into power two years ago, the new Speaker of the House Nancy Pelosi offered all kinds of what hindsight reveal to have been absurd promises:

The election of 2006 was a call to change — not merely to change the control of Congress, but for a new direction for our country.

After years of historic deficits, this 110th Congress will commit itself to a higher standard: pay as you go, no new deficit spending. Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.

What do you think of Nancy Pelosi’s “new America”?

In Nancy Pelosi’s “new America,” the stock price of Fannie Mae and Freddie Mac – whose failure due to ridiculously poor congressional oversight precipitated the current financial meltdown – dropped 90% under the Democrats’ watch.

Under Nancy Pelosi’s “new America,” Rep. Barney Frank – who as Chairman of the House Financial Services Committee (and ranking member even when the Republicans held power) – said of Fannie and Freddie shortly (July 14, 2008) before their collapse:

I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They’re not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward.

They’re in a housing market. I do think their prospects going forward are very solid. And in fact, we’re going to do some things that are going to improve them.

And Barney Frank – who led the Democrats’ efforts to resist ANY reform over Government Supported Enterprises Fannie Mae and Freddie Mac for the last 7 years – had been saying that Fannie and Freddie were fine and didn’t need regulation all along, as a statement from Frank in a  September 11, 2003 New York Times article proves:

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Barney Frank was complaining that Republicans were concerned about the health of GSEs Fannie and Freddie, which had a portfolio of $5.4 trillion in home loans – having massively expanded risky loans in support of Democrats’ Community Reinvestment Act – and wanted them to lay off their quest to regulate the industry which would have reduced the down-payment-free subprime loans to poor minorities.   Sadly, after failing for the third time in 2006 due to the promise of a Democratic filibuster, Republicans did just that.  By the time the Democrats took over Congress and decided they’d better do something, after all, it was too little, too late.  Just in case you want to know why your economy blew up.

The stock price of Fannie Mae and Freddie Mac dropped 90% under the watch of Nancy Pelosi and Barney Frank.  And right before the collapse Barney Frank was STILL claiming that the stock was fine.

In Nancy Pelosi’s “new America,” Democrats make the same kinds of materially false statements about the viability of Fannie Mae and Freddie Mac stock that Kenneth Lay said about Enron stock before its collapse.  The only difference is that Lay died in prison and Frank is free to keep on destroying our country while blaming Republicans for the mess he created.

Just so you know, it was Democrat policies under Democrat management that led to the risky loans that blew up our economy.

Under Nancy Pelosi’s “new America,” she promised to reduce the price of gasoline during her tenure, touting her “commonsense plan“:

“With record gas prices, record CEO pay packages, and record oil company profits, Speaker Hastert and the Majority Congress continue to give the American people empty rhetoric rather than join Democrats who are working to lower gas prices now.

“Democrats have a commonsense plan to help bring down skyrocketing gas prices by cracking down on price gouging, rolling back the billions of dollars in taxpayer subsidies, tax breaks and royalty relief given to big oil and gas companies, and increasing production of alternative fuels.”

But during the last two years while she was in charge, the price of a gallon of gasoline went from a little over $2 to nearly $5 while she and her fellow Democrats steadfastly refused to allow for any increase in domestic production.  When President Bush ended the executive ban against offshore oil drilling, the price of a barrel of oil immediately dropped dramatically, and continued to decline as investors became more confident that increased supplies would finally be on the way.  Ultimately, Democrats finally blinked on oil after decades of obstruction, after the price of oil immediately went down following President Bush’s ending the executive ban on offshore drilling.  But they are still determined to prevent any meaningful domestic oil production.  The price of oil is going to go back up when OPEC reduces its production to drive the prices back up.

In a story that came out just yesterday, OPEC is pushing for a production cut that will drive up oil prices.  Under Nancy Pelsosi’s “new America,” the United States won’t increase its own domestic production to keep prices low.

Under Nancy Pelosi’s “new America,” Democrats opposed the successful surge strategy and continued to oppose it even after it clearly turned the tide in the Iraq War.  Instead, they attempted to fulfill Senate Majority Leader Harry Reid’s gutless prediction “that this war is lost.”  In Nancy Pelosi’s “new America,” Democrats said of the prospect of American success, “Well, that would be a real big problem for us, no question about that.”  In Nancy Pelosi’s “new America,” the United States is a loser that trudges home in disgrace, not a winner that triumphantly departs having accomplished its mission to bring democracy to the heart of the Arab world.

You can mark my words that under Nancy Pelosi’s “new America,” Iran will develop nuclear weapons and will be free to foment global terrorism with impunity.

Under Nancy Pelosi’s “new America,” the approval rating of her Congress plummeted to its lowest level in history.  And for good reason.

If the voters decide they want more of Nancy Pelosi’s “new America” – and particularly if they want to give the people who screwed up our country total power by electing Barack Obama as President – the citizens of the United States frankly deserve whatever they get as a result.

If you don’t understand what Nancy Pelosi’s “new America” means by now, you probably never will.

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