Wasting Time With Alex

About that deregulation Obama talks about…

Peter Ferrara over at National Review has an awesome article dealing with the truth about deregulation:

Barack Obama never misses a chance these days to allege that the financial crisis is due to the right-wing philosophy of deregulation, “a philosophy that views even the most common-sense regulations as unwise and unnecessary.” The charge is echoed by fellow Democrats such as House Speaker Nancy Pelosi.

They’re often unclear on specifics, and for a good reason: Not all deregulation hurts, and not all regulation helps. Republicans and Democrats alike supported a 1999 deregulation that has actually made this crisis easier to handle, for example. Also, Republicans have supported regulations that could have helped avert this problem, while the regulations Democrats enacted worsened it.

The left is just capitalizing on envy and lack of knowledge to make stupid people think they can do better. How good has deregulation worked or not worked?

The least regulated of our financial institutions, hedge funds, have fared the best in the current crisis.

You get that? The least regulated industry is doing fine, while the one the democrats tried to claim failed because it did not have regulations (when it di) tanked. But the big lie, and the real nasty thing the democrats are getting away with is that they where for more regulation. The facts speak otherwise:

As far back as April 2001, the Bush administration warned that the size of the government-sponsored enterprises (GSE) Fannie Mae and Freddie Mac was “a potential problem” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.” By September 2003, the administration was proposing “legislation to create a new Federal agency to regulate and supervise the financial activities of” Fannie Mae and Freddie Mac.

But Democrats almost uniformly opposed such regulation in the name of “affordable housing.” Barney Frank, ranking Democrat on the House Financial Services Committee, said in October 2003, “these two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. . . . The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

And if this was not bad enough:

While the Republicans failed to enact regulation to tame the GSE’ practices, the Democrats succeeded in using government to actually encourage bad lending. As Stan Liebowitz, Professor of Economics at the University of Texas, wrote recently in the New York Post, “Pushed hard by politicians and community activists, the regulators systematically and deliberately altered financially sound lending practices.”

When you hear Obama talking about the evil deregulated industry know that he is snowing you. Him and his buddies caused this crisis and are now using the MSM stooges to pin it elsewhere. Americans are getting screwed and are getting set to elect the guys screwing us into power so they can do it on an even grander scale.