FYI Ladies & Friends:
So well said. "I have had my fill of the whining of the opposition that they inherited an economic mess from our party."
In addition, I have had my fill of Republicans blaming "the previous administration" for the economic mess ~ can you imagine the 2010 campaign commercial material they are handing the other side?
PLEASE let's look to the future and stop detailing past stumbles (and believe me they were mere stumbles compared to the present outrageous policies). Confession (once and moving on) is good for the soul, but it's not good repeating and repeating and repeating ...... for elections!!!!
It seems every time a Republican is given a microphone they act like they're taking the higher ground or being noble by pointing out something they think the Bush Administration did wrong. Please advise on what page that is to be found in "Rules for Radicals."
Thank you!
***************************************
Ginny Marschman, President
Wisconsin Federation of Republican Women
Website: www.wifrw.org
Fellow RNC Members,
The following is a "Thought" I have sent out to Texas Republicans, and I share it with you for whatever value it may have to you. I have had my fill of the whining of the opposition that they inherited an economic mess from our party. Please distribute or use this as you may find it helpful.
Bill Crocker
Remember “It’s the economy, stupid”, the Clinton campaign motto in 1992? How could we forget? Seventeen years later it is again “the economy”, and we are the stupid ones if we don’t tell the world how Democrats caused the current problem, to correct what the President is saying about what he inherited and from whom.
First, let’s note that the George W. Bush presidency lasted eight years, and that during the first six years the economy of the U. S. was a dynamic engine of prosperity, in spite of paying for two wars. The economy only faltered during the last two Bush years, spinning into real difficulty during the latter months of the last year. What changed? The Democrats gained control of both houses of Congress in 2006. As a direct result, it became increasingly apparent to most Americans through 2007 and 2008 that the Bush tax cuts would not be made permanent, and would instead expire at the end of their legislated ten-year life span. Included in the provisions set to expire was, and is, favorable treatment of the capital gain resulting from the sale of a residence. That was the triggering mechanism for the explosion.
The explosive itself began its development with the creation of the Federal National Mortgage Association (Fannie Mae) and Federal Home Mortgage Corporation (Freddie Mac) in 1938 during the presidency of Franklin Delano Roosevelt. In 1968, during the Johnson administration, their powers were substantially broadened and their accountability was greatly diminished. In 1977, during the Carter administration, the Community Reinvestment Act was passed. It was expanded in 1995 during the Clinton administration. Note one consistent element in each event? Democrat administrations? Very perceptive.
The net effect of these legislative acts was the provision of a means and a mandate to lenders to make housing credit available without regard to the creditworthiness of borrowers, requiring lenders to make loans they would not normally make. Free market forces didn’t fail us. Government intervention in the market produced its natural result.
Lenders across the country generated an immense volume of Community Reinvestment Act loans, also known as sub-prime (a euphemism for bad) loans, and sold them to Fannie Mae and Freddie Mac, who in turn packaged them with good loans and sold the packages and interests in the income stream from them to banks and other investors. Last fall it seemed as though our entire credit system was suddenly corrupted by the potential losses from these bad loans.
In fact the corruption had been apparent for a long time, but the consequences were no great problem for anyone. When a sub-prime borrower defaulted on a sub-prime loan, instead of a foreclosure or even in the event of a foreclosure, the property could almost always be sold for more than enough to pay off the bad loan it secured. Nobody suffered any great injury. It was only when the residential property market began declining and residential properties could not be sold for enough to pay off the loans they secured that great injuries began to be suffered by borrowers and lenders, and the panic set in.
Remember the following three facts:
1) It was Democrats who were running Fannie Mae and Freddie Mac, drawing obscene salaries for fraudulently-concealed poor performance (remember Enron?), while the Community Reinvestment Act turned a bad system into a huge problem.
2) The Bush administration tried to get the Community Reinvestment Act changed in 2001 and 2003 to stop the excesses there. The Democrats, led by Senators Chris Dodd and Charles Schumer and Congressman Barney Frank, blocked those efforts.
3) Senator John McCain advocated changes in the control of Fannie Mae and Freddie Mac for years, most recently in 2006. The Democrats, again led by Senators Chris Dodd and Charles Schumer and Congressman Barney Frank, blocked that effort.
The result of the “sub-prime loan crisis” and “mortgage meltdown” has spread through the entire economy and has triggered an historic world-wide economic collapse. Our current President claims he inherited it from President George W. Bush. Now you can tell everyone what he really inherited, and who he actually inherited it from.
More than that, it is becoming clear that an economic recovery has not started yet, and that the major problem is the rapidly increasing control of the economy by the government. That is what we will inherit from Barak Hussein Obama.
Bill CrockerRepublican National Committeeman for Texas
You are expressly authorized to forward this email.
So well said. "I have had my fill of the whining of the opposition that they inherited an economic mess from our party."
In addition, I have had my fill of Republicans blaming "the previous administration" for the economic mess ~ can you imagine the 2010 campaign commercial material they are handing the other side?
PLEASE let's look to the future and stop detailing past stumbles (and believe me they were mere stumbles compared to the present outrageous policies). Confession (once and moving on) is good for the soul, but it's not good repeating and repeating and repeating ...... for elections!!!!
It seems every time a Republican is given a microphone they act like they're taking the higher ground or being noble by pointing out something they think the Bush Administration did wrong. Please advise on what page that is to be found in "Rules for Radicals."
Thank you!
***************************************
Ginny Marschman, President
Wisconsin Federation of Republican Women
Website: www.wifrw.org
Fellow RNC Members,
The following is a "Thought" I have sent out to Texas Republicans, and I share it with you for whatever value it may have to you. I have had my fill of the whining of the opposition that they inherited an economic mess from our party. Please distribute or use this as you may find it helpful.
Bill Crocker
Remember “It’s the economy, stupid”, the Clinton campaign motto in 1992? How could we forget? Seventeen years later it is again “the economy”, and we are the stupid ones if we don’t tell the world how Democrats caused the current problem, to correct what the President is saying about what he inherited and from whom.
First, let’s note that the George W. Bush presidency lasted eight years, and that during the first six years the economy of the U. S. was a dynamic engine of prosperity, in spite of paying for two wars. The economy only faltered during the last two Bush years, spinning into real difficulty during the latter months of the last year. What changed? The Democrats gained control of both houses of Congress in 2006. As a direct result, it became increasingly apparent to most Americans through 2007 and 2008 that the Bush tax cuts would not be made permanent, and would instead expire at the end of their legislated ten-year life span. Included in the provisions set to expire was, and is, favorable treatment of the capital gain resulting from the sale of a residence. That was the triggering mechanism for the explosion.
The explosive itself began its development with the creation of the Federal National Mortgage Association (Fannie Mae) and Federal Home Mortgage Corporation (Freddie Mac) in 1938 during the presidency of Franklin Delano Roosevelt. In 1968, during the Johnson administration, their powers were substantially broadened and their accountability was greatly diminished. In 1977, during the Carter administration, the Community Reinvestment Act was passed. It was expanded in 1995 during the Clinton administration. Note one consistent element in each event? Democrat administrations? Very perceptive.
The net effect of these legislative acts was the provision of a means and a mandate to lenders to make housing credit available without regard to the creditworthiness of borrowers, requiring lenders to make loans they would not normally make. Free market forces didn’t fail us. Government intervention in the market produced its natural result.
Lenders across the country generated an immense volume of Community Reinvestment Act loans, also known as sub-prime (a euphemism for bad) loans, and sold them to Fannie Mae and Freddie Mac, who in turn packaged them with good loans and sold the packages and interests in the income stream from them to banks and other investors. Last fall it seemed as though our entire credit system was suddenly corrupted by the potential losses from these bad loans.
In fact the corruption had been apparent for a long time, but the consequences were no great problem for anyone. When a sub-prime borrower defaulted on a sub-prime loan, instead of a foreclosure or even in the event of a foreclosure, the property could almost always be sold for more than enough to pay off the bad loan it secured. Nobody suffered any great injury. It was only when the residential property market began declining and residential properties could not be sold for enough to pay off the loans they secured that great injuries began to be suffered by borrowers and lenders, and the panic set in.
Remember the following three facts:
1) It was Democrats who were running Fannie Mae and Freddie Mac, drawing obscene salaries for fraudulently-concealed poor performance (remember Enron?), while the Community Reinvestment Act turned a bad system into a huge problem.
2) The Bush administration tried to get the Community Reinvestment Act changed in 2001 and 2003 to stop the excesses there. The Democrats, led by Senators Chris Dodd and Charles Schumer and Congressman Barney Frank, blocked those efforts.
3) Senator John McCain advocated changes in the control of Fannie Mae and Freddie Mac for years, most recently in 2006. The Democrats, again led by Senators Chris Dodd and Charles Schumer and Congressman Barney Frank, blocked that effort.
The result of the “sub-prime loan crisis” and “mortgage meltdown” has spread through the entire economy and has triggered an historic world-wide economic collapse. Our current President claims he inherited it from President George W. Bush. Now you can tell everyone what he really inherited, and who he actually inherited it from.
More than that, it is becoming clear that an economic recovery has not started yet, and that the major problem is the rapidly increasing control of the economy by the government. That is what we will inherit from Barak Hussein Obama.
Bill CrockerRepublican National Committeeman for Texas
You are expressly authorized to forward this email.