Alright kids, gather 'round. Uncle Travis is going to tell you a story and it's important to listen.
Hillary Clinton blamed the "fiscal irresponsibility of the Bush administration" for the country's current economic turmoil and market fears after emergency moves by the Federal Reserve to cut discount rates and help back the purchase and bailout of Bear Stearns by JP Morgan Chase.
"…We are in a very dangerous period in the economy. We need vigilance and we need leadership and we've got to get it from, you know, this administration," she told reporters after an Iraq policy speech at George Washington University.
Ok kids, what have I been telling you about "personal responsibility"? Is Hillary showing any of this? No she is not. She's also guilty of misleading you all by not telling you the whole truth.
She's a member of Congress and thus, she has the "purse strings". Every time Bush asks for X amount of money, it is her job to say "yes" or "no". Obviously, she has said "yes" to his requests. Now she's trying to place blame on him when it was her job to say "no". Also, she is also responsible for hundreds of millions of dollars in "earmarks". That's not "fiscal responsibility" now is it?
The Democratic presidential candidate said if she occupied the White House she would have started trying to avoid this economic crisis a year ago by putting a moratorium on home foreclosures and freezing the interest rates on sub-prime mortgages — topics she discusses often on the campaign trail.
So, here we have her threatening to intervene in a legal contract between a company and an individual. Everyone knew what would happen if interest rates went up, and everyone took a chance. Now that it ended in disaster for many people, she wants the government to "do something". She talks about basically bailing people and mortgage companies out of their obligations. That's not how the free market works. Sorry to say it, but the mortgage companies need to take a bath on this one, and if they go out of business, then so be it. Homeowners who overextended themselves need to sell their place and move into an apartment. If they need to file bankruptcy, then so be it. When you and I practice fiscal responsibility, we weather fiscal storms like this one without a care in the world.
"You cannot work your way out of this credit crisis unless we stabilize the home market so I certainly agree that tending to the consequences that could flow from inaction in the credit markets is essential moving quickly to try to stabilize Wall Street is essential," she said. "But let's not forget about Main Street and let's not forget about the millions of households with many millions of Americans with the consequences that has for the economy as well."
The New York senator said the high price of oil is another dangerous factor for the economy and the Bush administration needs to start urgently working towards greater energy independence. She said she would refuse to buy oil at current prices to put in the strategic petroleum reserve and would actually release oil to help ease the burden.
So her idea of a "strategic petroleum reserve" is to regulate prices? If that's the case, she doesn't understand the meaning of the word "strategic". It's meant for if a time comes when we don't HAVE oil coming in.
See kids, when Obama has a major problem like his pastor's hate speech, it would be wise for Hillary to say and do smart things, yet, she seems incapable of doing so, and it shows here.
That's all for today kids. Come back tomorrow and I'll tell you the story of the bumbling clown that is Dennis Kucinich!
Travis
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