Linda Ketner, Liberal Democrat, on the Economy and Deregulation: Part II

One of Linda Ketner’s recent ads during the campaign is to rail against the Republicans for deregulation. In her ad she states that eight years ago the Republicans passed into law legislation that overturned laws from the 1930’s which were designed to protect Americans from Wall Street … or something pretty close to that.

I don’t know what she’s referring to that was passed eight years ago … but in 1999 President Clinton signed into law the Gramm-Leach-Bliley Act which overturned the Glass-Steagall Act of 1933.

According to an article on MoneyNews.com, MoneyNews – Clinton: Deregulation Not to Blame for Crisis, the Glass-Steagall Act, among other things, separated commercial and investment banking.  Former President Bill Clinton stated in an interview with Business Week that the legislation he signed didn’t completely deregulate the banking industry. In fact he said in answer to a question about this,

“No, because it wasn’t a complete deregulation at all. We still have
heavy regulations and insurance on bank deposits, requirements on banks
for capital and for disclosure.”

Former President Clinton went on to add,

“I thought at the time that it might lead to more stable investments
and a reduced pressure on Wall Street to produce quarterly profits that
were always bigger than the previous quarter,”

and,

“I have really thought about this a lot. I don’t see that signing that
bill had anything to do with the current crisis. Indeed, one of the
things that has helped stabilize the current situation as much as it
has is the purchase of Merrill Lynch by Bank of America, which was much
smoother than it would have been if I hadn’t signed that bill.”

Maybe Ms. Ketner needs to check her dates … or she was talking about something else, but … this sounds suspiciously like what she was referring to. She was talking about deregulation and the current financial crisis, wasn’t she? Well, so was former President Clinton on Oct. 1, 2008.

I suppose Ms. Ketner is more of an expert on the economy than President Clinton. After all, she has been advocating low interest loans in South Carolina since 1991 of the type that got Fannie Mae and Freddie Mac into trouble in the first place.

I also thought it was noteworthy that such great Democratic minds as Senators Chuck Schumer, Chris Dodd,  Dick Durbin, Tom Daschle, John Edwards, John Kerry and Joe Biden all also voted for this bill. That quite a list of current Democratic economic and financial experts as well as presidential and vice-presidential hopefuls. And don’t forget about former Democratic President Bill Clinton.

But then, Ms. Ketner knows more about the economy than any of them. After all, she grew up in a town of 500, taught high school and college, runs a business and is a member of a struggling middle class family …right? I wonder if she taught History … or Economics … a lot of dates to remember, facts to get straight ( or make politically correct ) and theory to understand.

Linda Ketner is the Democratic candidate for the South Carolina First Congressional District.

Ms. Ketner, you need to take this issue up with Bill Clinton, because he says what you’re saying “just ain’t so”.

Ms. Ketner needs to come up for air and check her facts.

Barack Obama’s Acceptance Speech in Denver

Barack Obama has finished his speech and all of the Democrats at Mile High Stadium are now celebrating and an emotional and inspiring arrrangement of music is playing in the background like a score accentuating the climax of a major Hollywood blockbuster.

I’m sure for many, it was a very inspirational speech … full of a lot of ambitious plans and lofty ideals. Personally, I admire ambitious plans and lofty ideals.

Anyone who has followed political campaigns for a few cycles, let alone half a decade, have heard it all before.

Change. Change. Change.

I’ve been listening to that mantra for the past 50 years beginning with the JFK that Obama alluded to. Sometimes it’s worked and sometimes it hasn’t as far as winning a political election.

Barack Obama is simply one more JFK, Jimmy Carter and Bill Clinton. He’s also another George McGovern, Michael Dukakis, Al Gore or John Kerry.

Win or loose, they all have the same message … change, change change. And what do we get? More of the same, same same.

All a person simply needs to do is look at who is in Congress … Nancy Pelosi, Harry Reid, Dick Durbin, Ted Kennedy … the very same people who, after promising the most unified and cooperative Congress in the history of the United States, wound up giving us one of the most divisive, vindictive and unpopular Congresses in the history of the United States … one which Barack Obama was part of … consistently towing the Democratic Party line … more consistently than any other Democrat currently in Congress.

I suppose what struck me the most about Obama’s speech, other than it’s typically inspiring rhetoric, was it’s consistent and absolute hypocrisy.

Accuse McCain of doing nothing about renewable energy for his 30 years in Congress? What about Biden’s 35 years of doing nothing … as well as Ted Kennedy’s, Harry Reid’s, Dick Durbin’s … all of these senior senators that are going to kick him around like a beach ball just as John Kennedy was by the senior Democratic senators did during Kennedy’s administration. And Barack Obama is more “junior” than Kennedy was.

Education, energy, defense,reducing bureacracy, natural disasters, and on and on … ad infinitum. It’s a great shoppng list. Too bad it’s an old one that been presented time and time again by men more capable than Barack Obama.

Obama attacks lobbyists … but simply look a the who’s who list of Democratic rats that cautiously waited to see who was ahead or who it looked like was going to win before jumping on his band wagon … or look at the even more dispicable list of political cronies who either bailed on or betrayed Hillary and Bill Clinton to grab a brass ring on the winning ticket. Those are the real lobbyists who have their own strings of “registered” lobbyists who will perpetuate the system in Washington.

Barack Obama isn’t going to change that. If any of these people actually thought he would, Obama would be a distant memory known as another failed “also ran”.

While Howard Wolfson is now talking about the “meat and potatoes” in Obama’s speech, I’m sitting here wondering … “What meat and potatoes???”

I have sat here and intently listened to a generic, generalization of a laundry list which is, at least, nearly as old as I am.

What’s new????

Where is the change????

“Barack, if you want change, then ask all of those Democratic voters you have gathered there in Denver to vote out all of those old democratic cronies that have been clinging to your coat tails for what seems like eternity. Shake them off and make a real change.

“And get rid of that David Axelrod. It’s hard for people to take your cry of, “Foul.” seriously when the hypocrisy of your doing the same thing … and frequently first … is dirtying the water. That boat just doesn’t float with anyone who has half a brain.”

If you’re under 10 years old, then this is a new and inspiring speech. If you’re older than 10, then you just haven’t been paying attention for the past however many years.

Even the venue is reminescent of events that took place around 70 years ago. And that’s a little creepy.

Michael Brown Says John McCain was Almost Democratic Vice Presidential candidate

On Fox News tonight, Democratic pundit, Michael Brown, for some reason alluded to the reported offer by John Kerry to John McCain for McCain to be Kerry’s vice presidential running mate four years ago.

I think he was trying to insinuate a more extreme liberal position for John McCain … sort of like … “Let’s put some doubts into the minds of those ultra conservative Republicans.”

Right.

Let’s also remember that Abraham Lincoln offered command of the Army of the Potomac to Robert E. Lee. It just didn’t happen.

I also suspect that Lee gave more consideration to Lincoln’s offer before saying, “No” than McCain gave to Kerry’s offer before, likewise, saying, “No thanks”.

Let me further say that this analogy is, in no way, intended to suggest that John McCain shares Lee’s views. The analogy is simply made, by an ignorant Southerner, to point out that sometimes offers are made that “Just ain’t gonna’ happen”.