Monday, September 29, 2008

Open Letter To The Republican Party

Hear ye, hear ye, hear ye!
I am frustrated and disgusted with the Republican Party Representatives, Senators, and President over their completely inadequate response to this financial crisis.  Particular scorn is directed at the President for his lack of cogent and effective leadership, and Sen. John McCain for his inability to speak truth to power - his long term companions in the Senate.
You all have allowed the Democrats and the media to incorrectly characterize the cause of the problem, and as a result, you have failed to actually devise an effective plan to fix the problem, and generate the necessary widespread support for any plan.
Permitting the Democrats to claim that the problem has been caused by deregulation, Wall Street greed and corruption, and CEO compensation, has allowed them to push their anti-business and populist class warfare strategy in classic agit-prop style.  This demonizing of “Wall Street” and business, un-challenged, will lead to significant negative economic impact for the U.S.  going forward.  Listening to the Democrats and media is like listening to the chants of the barnyard denizens in “Animal Farm” yell out “four legs bad, two legs good”.
The problem in liquidity that we have stems from the Democrats, who from Bill Clinton’s administration on, pressured banks and other institutions to provide loans to individuals who were not credit worthy; allowed Fanny and Freddy to grow unfettered by using their “government guaranteed” position to gain competitive advantage, elbowing out more fiscally conservative private financial institutions from the market; permitted Rep. Barney Frank and Sen. Chuck Schumer and other Democrats, like the Congressional Black Caucus, to block any effective regulation on Fanny and Freddy; initiated the policy of “mark to market” which has been the current catalyst in causing the complete devaluation of the financial institutions assets, which in turn has caused the run on capital and the subsequent liquidity crisis.  The “mark to market” requirement singularly has caused a completely irrational devaluation of mortgage based assets to zero.  This is complete lunacy.
Where is the leadership in the Republican Party? 
It seems to me that all the Republicans are hunched over in a fetal position, fearful of speaking the truth, pointing out the causal elements, and speaking up for what needs to be done. If changes to requirements for credit worthiness, and “mark to market” are not included with the injection of capital, nothing will have changed.
I urge you to be a visible Republican, speaking out against the outright lies and deception of the Democrats, and educating people on what has really happened to cause this situation, and what needs to be done.


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