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Hernando Today

A National Crisis And No Investigation?

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By DONALD J. MYERS

Hernando Today

Published: September 26, 2008

I cannot recall another time when a crisis hit this country and Congress was not all fired up to investigate. Could it possibly be that these congressmen do not want us to really know who is responsible for our financial mess? I think so.
Senate majority leader Reid and Speaker of the House Pelosi got it right when they said they were at a loss about what to do. That is probably the first truth that each has uttered in years.
To add to our troubles, the price of a barrel of oil surged $25 dollars in one day, the highest rise in history for one day. Could it be that the oil producers believe that our congress will continue to sit on its hands rather than do something? Congress proposed an energy bill, but it is worthless and the oil producers know it. Oil prices were falling when it was believed that we would do something about producing our own energy. The world knows that when we decide to do something it will be done and prices for oil fell. Now they see that nothing will be done. Congress will be leaving shortly to run for reelection and then it will be Thanksgiving, and finally Christmas. Congress will be off during those times.
Senator Chris Dodd is holding hearings concerning the bailout of key financial institutions. Senator Dodd is the chairman of the Senate Banking Committee and, as such, had oversight responsibility for these same institutions that are in deep trouble. He is the same man who got a great deal on a loan for his home and the largest recipient of donations from Fannie Mae and Freddie Mac. A major part of this proposal is for Congress to have greater oversight of the market.
DUH!! They had oversight before and implemented procedures that brought on this mess.
On the House side there is Congressman Barney Frank who is the Chairman of the House Financial Services Committee. He is adamant about ensuring that homeowners keep their homes even though they cannot afford them. He also is one of the Democrats in Congress that defeated a President Bush proposal in 2003 to rein in these same financial institutions now in so much trouble.
I am sure that there are those who will say that I am only naming Democrats for blame. Think about it. The Democrats control Congress and have been conducting investigations or hearings constantly for almost two years on Republicans. Don't you think that if they could blame this on Republicans, they would be screaming it from the rooftops and investigating?
Fannie Mae and Freddie Mac have been a piggy bank for Democrats for years. Look at the list of politicians and key democratic operatives who have received millions of dollars.
Remember back in 1993 when we had the congressional banking scandal. Congressmen went to their bank and drew money without anything in their accounts. Americans recognized that as a scam and threw the rascals out.
We are faced with the same today. An investigation would uncover all of these profiteers and that is why there will not be one. The perpetrators are in the majority.

Donald J. Myers, a retired colonel in the U.S. Marine Corps, is a regular columnist for Hernando Today. He lives in Spring Hill and can be contacted at DMyersUSMC@aol.com.

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