Memo to media: You don't know squat about the real Great Depression

This morning Howard Wolfson was on Fox News and once again, a Democrat reared his doomsday head, saying these are the worst economic times since the Great Depression. Wolfson was on Sen. Hillary Clinton’s campaign team, so maybe the term ‘depression’ lingers. He also made a statement suggesting Republicans have controlled the economy for 40 years. So not only is Wolfson clueless about the history of the Depression, he’s rewriting modern history as well. Democrats had a chokehold on Congress from 1954-1994. And that time included a couple of Democratic presidents who were disasters when it came to spending and the personal economies of working Americans—Presidents Lyndon B. Johnson and Jimmy Carter come to mind.

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Reid to McCain: Stay away from Washington

Updated on Wednesday, September 24, 2008 at 8:30PM by Kay B. Day, Editor

Sen. Harry Reid doesn’t want Sen. John McCain to do his job. McCain plans to head to Washington to help fix the economic mess. Reid asked McCain to stay away. Funny thing is last time I looked McCain was still the senator from Arizona. So what's up with Reid?  I think it’s likely Dems are trying to protect their candidate. It’s a risk to try to help fix this situation and Sen. Barack Obama is definitely not going to take a political risk like that, even in the interest of the country. Plus despite the narrative media loves to tell, Obama is definitely not an economics whiz. I confess Reid is one of my least favorite Washington politicos.

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Community Reinvestment Act helped cause US economic meltdown

The US Congress is squabbling about how to deal with the economic mess and both parties have pointed the blame finger at each other. Truth is, we’re all to blame in a sense because we the people did nothing, and our Congress did nothing even when it could. So much for the “change” Rep. Nancy Pelosi (D-Calif.) promised almost two years ago when her party assumed control of Congress.  No one’s mentioned the Community Reinvestment Act passed in 1977 under a Democratic Congress led by a Democratic president.

This act required depository institutions to “meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound banking operations.” Each institution’s record would be “taken into account in considering an institution's application for deposit facilities, including mergers and acquisitions.” Those quotes are from the Federal Financial Institutions Examination Council. Even as Congress takes up the current economic problem, we taxpayers do not have enough information about the causes or the solutions. I still want to know why a government sponsored entity promoted mortgages for a specific faith.

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