Thursday, September 25, 2008

Con Job by the Republi-Cons

Have you received an email claiming that Democrats created the financial crisis and referencing an article at Bloomberg? This is just Republi-Con (new name for the group formerly known as the GOP) propaganda in an attempt to rewrite history.

First, the author of this article is Kevin Hassett, an adviser to McCain's camapign. Hassett, you might remember, wrote a book published in November 2000 titled Dow 36,000, in which Hassett and James Glassman argue that "that stocks have been undervalued for decades and that, for the next few years, investors can expect a dramatic one-time upward adjustment in stock prices. Why? While Wall Street has focused on valuation measures such as P/E ratios, it has virtually ignored how stocks can work as cash engines."

Undoubtedly he was asked to write this piece by Rick Davis, McCain's campaign manager. Davis was paid $180,000 by Freddie Mac, even though Davis did not do much substantive work for the company in return for the money. Guess Davis is trying to earn his pay now.

The S.190 bill was sent to committee in 2005, by, yes, that is right, the Republi-Cons. McCain didn't even join the until 10 months after it was sent to committee. And it was never considered an important bill, only four senators joined in the bill.

Finally, not two months ago McCain said he was for less government regulation.

I once admired John McCain. But he has bought into the main stream Republican hypocrisy, and as typical for Republicans, can't accept responsibility.

UPDATE: Davis was also paid $30,000 a month from 2000 to 2005 by the so-called Homeownership Alliance, an advocacy organization that he headed and that was financed by Freddie and Fannie to fight regulation.

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