Crisis a failure of Republicans, fat cats

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In their desperation to keep a Democrat out of the White House, Republican demagogues are resorting to racist scapegoating.

They blame our current financial crisis on minority loans, an entirely false bit of propaganda reminiscent of Nazi efforts to blame all of Germany's ills on the Jews.Â

The claim makes little sense, because the Community Reinvestment Act passed back in 1977, but most of the risky loans were made after 2001, a time closely correlated with Phil Gramm's and John McCain's successful maneuvers to deregulate the mortgage industry.

Furthermore, most of the problems are the result of (mostly Caucasian) fat cats investing heavily in real estate properties that collapsed in value once the market bubble burst.

The financial crisis is the direct result of Republican failure to govern.ÂThe mortgage industry disaster is blood on the hands of John McCain.ÂShame on anyone who plans to vote for the McCain/Palin ticket.

Sen. McCain is a crazy old crook; his involvement in the savings and loan scandal 20 years ago should have precluded him from holding any kind of office, and it's apparent he wants to foot-stomp our way back into a Cold War with Russia.

Gov. Palin is a babbling buffoon, lacking the slightest grasp of the issues.ÂIf McCain died, her resulting presence in the Oval Office would be a guarantee Republicans managed to find the one politician on the continent even dumber than George W. Bush.

In 1932 Americans were smart enough to reject Herbert Hoover and laissez-faire economics.ÂI hope Americans are as smart as they were then and throw all the Republicans out of office.

Mark Gelbart

Augusta

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GnipGnop
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GnipGnop 10/02/08 - 02:03 am
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Now wait a minute. Just the

Now wait a minute. Just the other day a democrat wrote a LTE claiming that the GOP was trying to prevent people from voting in Michigan because their houses had been foreclosed on. He went on to say that the majority of the foreclosed properties were african american owned. Now which is it? Did they get loans they shouldn't have qualified for or not? Make up your minds. Figure out which scenario you can place the blame on the Repubs for. Me? I tend to blame it on both parties. Because I'm not blinded by party loyalty I see the blame falling on ALL members of both parties.

tk706
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tk706 10/02/08 - 02:21 am
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Mr. Gelbart, Horrible grammar

Mr. Gelbart,

Horrible grammar aside, your letter makes little sense. First, you accuse Republicans of blaming the crisis on minority loans by incorrectly tying these "minority loans" to the Community Reinvestment Act. The Act's purpose, according to the FFEIC, is to "encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound banking operations." I have yet to hear a single Republican state anything about race affecting the creditworthiness of these loans. You have demonstrated the very racism that you claim the Republicans used for their "racial redlining."

As for the rest of your letter, it should be obvious to the average reader that it contains no evidence to support any of your accusations. In fact, you should view the following link:

http://www.youtube.com/watch?v=_MGT_cSi7Rs

The video reveals that the "fat rats" are in fact the friends and colleagues of Democrats. Republicans were heavily criticized for investigating Fannie and Freddie back in 2004, and were told by Democrats that both GSE's were sound institutions.

Do your homework.

jsterett
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jsterett 10/02/08 - 05:20 am
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Another brain-dead

Another brain-dead dummycrat............hardly worth a response. ...........A mind is a terrible thing to waste.

randon
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randon 10/02/08 - 06:24 am
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Mark--well said. The thought

Mark--well said. The thought of McCain and Palin anywhere near the Oval Office is truly frightening.

pofwe
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pofwe 10/02/08 - 06:43 am
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randon, if the idea of an

randon, if the idea of an Obama, (whose roots are NOT traditionally American), in the White House, coupled with a blantant and proven liar like Biden doesn't scare you then you have an extra large set of "cajoonas." Did you see the "liar Biden's" attempt at garnishing sympathy with this LIE? **** ***** ***** http://www.insideedition.com/news.aspx?storyID=2126

GACopperhead
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GACopperhead 10/02/08 - 06:47 am
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I see this financial debacle

I see this financial debacle as the responsibility of us all. When the going was good, everyone was clamoring to take credit, now everyone is pointing the finger. No one party can avoid responsibility, Dems, Repubs or voters.

pofwe
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pofwe 10/02/08 - 06:57 am
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Copperhead, where do you get

Copperhead, where do you get the idea "everyone was clamoring to take credit?" And if you think this is the responsibility of us all, well ... Hee-Haw ... the joke is on you. The responsibility is with those egg-head thieves on both sides of the aisle. My vote will be for anyone that is NOT an incumbant.

john
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john 10/02/08 - 07:02 am
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Typical "lets just call them

Typical "lets just call them racists" arguement. Both sides contributed in their own ways. There are plenty of white people who agreed to loans they couldnt afford and are paying the price so quit trying to play the poor vicitm.

jimbobob
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jimbobob 10/02/08 - 07:29 am
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Repubs need to grow some

Repubs need to grow some ba**s and demand an investigation on the cause of this crisis. A lot of the public knows who is at fault. It's time to reveal the theives on both sides. This nicey nice attitude will put a Muslim in the White House. Yes, this election will be only about race, and what I read here in the fishwrapper is it's a black and white election, not about issues, because the answers to the issues changes with the different crowds.

randon
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randon 10/02/08 - 07:32 am
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What are "traditional"

What are "traditional" American roots?

patriciathomas
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patriciathomas 10/02/08 - 07:34 am
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Mark Gelbert, your lack of

Mark Gelbert, your lack of knowledge makes you reminiscent of a typical misinformed PBS news watcher. It's all about color to you, isn't it? I'm guessing you failed that IQ test and are now qualified to be a Dem voter.

patriciathomas
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patriciathomas 10/02/08 - 07:37 am
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exactly the difference

exactly the difference between Americans and Democrats, randon.

randon
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randon 10/02/08 - 07:47 am
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Since McCain was born in the

Since McCain was born in the Panama Canal Zone, I guess that leaves him without those traditional American roots, too.

dashiel
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dashiel 10/02/08 - 07:51 am
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Anti-bank jihadidsts, please

Anti-bank jihadidsts, please note: Just as there should be no reward without risk in a market economy, there can be no risk without reward. If government bank rescues destroy all hope of reward for investors, there will be no banks. P.S.: for all who send me a dollar, I will give you my recipe, How to Make Mulligan Stew in a Paint Bucket Without Getting Lead Poisoning. (They used to tell us we were building a dream...)

patriciathomas
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patriciathomas 10/02/08 - 07:51 am
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confused randon, McCain was

confused randon, McCain was born in the American part of the Panama Canal Zone, not some ghetto project.

pofwe
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pofwe 10/02/08 - 07:57 am
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Set'em straight, 'trica. :-)

Set'em straight, 'trica. :-)

randon
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randon 10/02/08 - 08:00 am
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I know where McCain was

I know where McCain was born--in Coco Solo in the Panama Canal Zone. But does being born in a ghetto project disqualify one from the presidency? Somehow that got left out of Article II of the Constitution.

disssman
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disssman 10/02/08 - 08:07 am
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Randon, McCain was born to a

Randon, McCain was born to a fatyer who was a captain in the Navy in the Canal Zone. I doubt seriously they lived in a Ghetto. By the way his "fathers" boss was also Johns Grandfather. Now tell me thats not rare!!

JesusIsComing
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JesusIsComing 10/02/08 - 08:23 am
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What a racist letter! Gelbart

What a racist letter! Gelbart assumes all low income folks are minorities and all rich folks are "mostly caucasian". This is typical of the left - "You poor, dumb minorities can't protect yourselves so let us smart, Harvard-educated liberals give you some handouts." Ridiculous!

2tired2argueanymore
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2tired2argueanymore 10/02/08 - 08:45 am
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What an idiot! Another reason

What an idiot! Another reason there should be requirements to vote.

jsterett
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jsterett 10/02/08 - 08:52 am
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What an

What an embarrassment!...........Some of you dummycrats need to take your boy Mark out behind the house and slap some sense into him.

SupremeChancellor
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SupremeChancellor 10/02/08 - 08:54 am
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Blah blah blah Corporate fat

Blah blah blah Corporate fat cats blah blah wealthiest one percent blah blah global warming blah blah Bush lied and troops died. Find a land fill for all that garbage.

jsterett
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jsterett 10/02/08 - 08:57 am
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Could it be that the AC

Could it be that the AC editors are selecting the whacko letters just to make the libs look bad?..............It's working.

christian134
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christian134 10/02/08 - 09:11 am
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Wow Mark...I see your still

Wow Mark...I see your still hawking your manifesto to the gullible masses...You may have a chance to actually get it published if the liberal left glamorized by media has any their way...:-)

angiesdad
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angiesdad 10/02/08 - 09:34 am
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i would suggest that all you

i would suggest that all you repukes read this weeks newsweek magazine.read the article "the monster that ate wall street" it gives you more insight into why this mess happened.sadly, i'm encouraging a group of folks to read a magazine that doesn't measure up there with field and stream, and low rider bikes and cars. i was just amusing myself.

tabletop
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tabletop 10/02/08 - 09:44 am
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Gelbert is an idiot. The

Gelbert is an idiot. The republicans have been trying to pass legislation on the advice of Greenspan for years to reign in Fannie and Freddie on subprime loans only to be blocked by the democrats. There is also a tape on Raines thanking the democrats for protecting them. All of these people worked in the Clinton white house and bribed (pac money) democrats with millions of dollars for protecting them and left with over $100 million in golden parachutes. These subprime loans were packaged by Fannie and Freddie and sold as good loans to investors. Hence the mess we are in now.

convertedsoutherner
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convertedsoutherner 10/02/08 - 09:52 am
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If the reps were at the

If the reps were at the forefront of this financial situation, pelosi and the hatchet bunch would have already charged and indicted them. Since the dims are at the forefront, it's difficult for the dims to indict their own. What did the reps gain from this bailout? NOTHING... What did the dims gain from this bailout? VOTES...

johnsmith
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johnsmith 10/02/08 - 10:20 am
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Yet another democrat who is

Yet another democrat who is dumb as a stump (I know I've been saying that a lot lately, but it's just so...accurate...) "They blame our current financial crisis on minority loans," Who in the HELL is blaming this situation on 'minority loans'??? My sister is not a 'minority', she's just an idiot, and she had one of those liar loans. I have not heard any credible commentator say a word about anybody's race. Naturally, though, there are people like the writer of this LTE who see "code words" in everything. "Code words"...gee, what a wonderful concept. It's what Obama has been doing for the past couple of months. "Hmmm, I can't find an ACTUAL racist anymore, so I'll accuse my ideological/philosophical/political opponents of using 'code words' to cover up their secret racism." What a crock. When we talk about people getting loans who never should have gotten loans, we're talking about ONE color: GREEN, and their lack of it.

johnsmith
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johnsmith 10/02/08 - 10:26 am
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"Furthermore, most of the

"Furthermore, most of the problems are the result of (mostly Caucasian) fat cats investing heavily in real estate properties that collapsed in value once the market bubble burst." What the hell is this sentence supposed to mean? The LTE writer first calls republicans "racist," and then accuses SPECIFICALLY "Caucasians" of causing this crisis??? I mean, given that Frank, Pelosi and Reid are white, I guess he has a point, but then again, Meeks and Rangel are not, and Raines isn't. Is there ANY ISSUE in this country that is not a "racial" issue? What about...I don't know...potholes in the streets? I'm a white guy, there are many potholes in my neighborhood. Is that due to the fact that blacks are the majority in Richmond County? Does the white guy's house go to the end of the pothole-repair line? Then again, my neighborhood is pretty mixed, ethnically speaking (just like my house). HArd to say, but I'm SURE it's racial...it has to be...

steve-o
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steve-o 10/02/08 - 10:34 am
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Super smart mark! You even

Super smart mark! You even got in a jab at those mean old caucasians. Now you should go do some research about how the DEMOCRATS forced banks into giving home loans to poor, DemocRAT voters who couldn't pay their mortgages. You will fing out that these investment firms are tightly linjed to the democRATS. Mean old white men!

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