Bail-Out Maintains Wall Street - Subverts Free Markets

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If there's one thing about Republicans and their supporters is, they tend to heap all the blame for the Wall Street collapse on Fannie/Freddie because it’s all they’ve got. But AIG, Lehman Bros., Bear Stearns and the rest of the free-market bunch certainly can’t be blamed when their greed got the best of them - they are the ones who took a chance when they purchased bundles of mortgages and ……lost.

Potomac Watch Excerpt:
There were a few conservatives who for years took unpopular positions against the government-inspired credit mania, yet this week had the guts to act to calm the markets. And there were many Republicans who for years aided and abetted Fannie Mae and Freddie Mac, yet this week ran for political cover.

Few Republicans were against the credit mania because it kept the consumer-driven disposable society fueled with more working stiffs who were snookered into the delusion that they too can afford a home and a new car – just say “charge it.” This is what the phony American pro-growth economic doctrine is built on. Yet they have the guts to act? When these same “new” GOP Conservatives, if I may call them that, voted their guts for the bail-out, they voted to corrupt the free markets - they voted to maintain the status quo - an economy built on debt.

The article titled, What leadership looks like carried several examples to illustrate Rep. Ryan’s position on sub-prime mortgage legislation. Except this one; Ryan voted NO on regulating the subprime mortgage industry. (Nov 15, 2007)

Republicans voted NO because:

On The Issues Excerpt:
Rep. HENSARLING: This is a bad bill for homeowners in America. There is no doubt that this Nation faces a great challenge in the subprime market, but this piece of legislation is going to make the situation worse. Clearly, there has to be enforcement against fraud in the subprime market. But what Congress should not do is essentially outlaw the American Dream for many struggling families who may be of low income, who may have checkered credit pasts, for whom a subprime mortgage is the only means to purchase a home.

And from as recent as May 13th of this year......

Rock Netroots Excerpt:
Ryan voted against this bill and HR 3221, another bill offering FHA backing to mortgage lenders willing to rework up to 500,000 loans now headed for default.

The Republican position was to keep predatory credit lines open to people who could not afford it. The Democrats tried to tighten the strings but it was too little too late – still, that was no excuse to not vote for it. Ryan knows what Republican leadership looks like, he votes it 92% of the time.

No longer should we wonder why it's only "In God We Trust" printed on our money.