Over at the HuffandPuff Post, Nancy Pelosi has this headline up on her blog:
Denial is Not An Economic Recovery Plan
(by the way, before we go any further, isn’t Nancy one of those who was attempting to shut down House members posting on blog sites? Anyone up for leading by example?)
I won’t bore you with much of her blog other than to tell you that her topic was the continual unwinding of excess credit in the financial markets which was most recently manifested by the bankruptcy of Lehman Brothers and the purchase of Merrill Lynch.
Nancy tries to use a series of quotes by President Bush and John McCain. Quotes where if she used them in context, she would find them expressing concern about current situations and them expressing their ongoing optimism that the US economy remains on fundamental underpinnings. She wraps these around the line that has become her mantra since becoming Speaker:
President Bush, Senator McCain, and their Republican Party are out of touch…
(then she ties it to her lament of the day)
and apparently ill-equipped to get our economy back on track.
As has become her practice, Pelosi avoids any responsibility Congress has in this issue and continues to blame all of society’s ills on President Bush, and now by association, John McCain:
Eight years of weakened regulation of our nation’s financial system — including a failure to regulate risky, and often predatory, lending practices — by the Bush administration and Republicans in Congress have led us to this point, and could further erode our nation’s economic health.
As she moved to head the “Do Nothing Congress,” Nancy told the world that she was now in charge when she said “it takes a woman to clean the House.” That was nearly two years ago. I guess what Nancy is really saying is that while Buuuuuuuuuush has worked to tear down the nation for eight years, she has been completely incapable of catching up with the person Nancy would describe as the linguistically challenged frat boy. How smart does that make you Nancy?
For the past two years Nancy has become the greatest Monday morning quaterback since the guy who said “knew it all along,” the day after SuperBowl III. Nancy knows that Buuuuuuuuuush created the energy shortage to make incredible profits for the oil companies. Nancy knows that Buuuuuuuuuush created the housing mortgage problem. Nancy knows that Buuuuuuuuush allowed Freddie Mac and Fannie Mae to issue millions and millions of risky loans. Nancy knows that Buuuuuuuuuush has now allowed several large, venerable Wall Street firms to either implode or be bought on the verge of implosion. And, Nancy knows that Buuuuuuuuush should have been stepping up regulation in all of these areas.
Now, before you jump up and down about all the things the government coulda, shoulda, woulda done to avoid our current issues, I’ll say 1. I agree with that, 2. Remember, the FED is not controlled by the administration, 3. Remember your Constitution, Congress has oversight responsibility.
If Nancy knew all the things that Buuuuuuuuush was doing on the day events ocurred, if she’s really that smart, why didn’t she see it coming? If Nancy is so smart, why hasn’t her House passed one bill in two years, dealing with any of these issues until AFTER they occurred?
The only denial I see, if you believe Nancy Pelosi’s view of the world, is that the President she called “a total failure” has managed to out smart her every step of the way and setting her up to head the Congress with the lowest approval level ever! Who’s a “total Failure” now Nancy?
If you put politics aside, which is what Nancy should have done but is completely incapable of doing under any circumstance, we would say that we have seen once again why a “little” government is nearly as bad as a “lot of” government. Government, outside of the military, has never been good at anything but reacting. Unfortunately, the “good” that government could do in the current situation is to do nothing and let the markets settle themselves out. Also unfortunately, I doubt that is what they will end up doing.
