Being a resident of South Carolina’s First Congressional District, I am curious whether Linda Ketner is actually a different kind of Democrat. Is she actually going to bring change or is she just going to be another rubber stamp for Nancy Pelosi and Barney Frank?
So, I decided to start out by reading her biography which she seems to be so proud of. I can see why she is running on the Democratic ticket.
Much of her efforts seem to be related to housing issues which on a national scale are the basis of our current financial crisis. Anyone who has missed the fact that the disintegration of the housing market was caused by Fannie Mae and Freddie Mac operating in an essentially unregulated manner, falsifying their accounting books to provide their senior management with increased bonuses and either encouraging or coercing lending institutions to write risky home loans and then being the agents to pass these high risk loans into the investment sector which in turn caused numerous commercial and investment banks to fail when the portfolios put together by Fannie Mae and Freddie Mac were deemed to be either worthless or of an indeterminate value …, well, anyone who has missed that has been either in suspended animation, hibernating or lost in space for the past 11 months.
To quote Ms. Ketner’s bio, Biography | Linda Ketner For Congress, “Linda formed South Carolina Citizens for Housing in 1991… . Some of Linda’s leadership positions include: Chair of the Mayor’s Council On Homelessness and Affordable Housing, Chair of the S.C. Housing Trust Fund, Founder of South Carolina Citizens For Housing, … Founder of Charleston Affordable Housing and South Carolina Equality Coalition.”
Ms. Ketner’s efforts, since 1991, have been right in line with the major Democratic supporters of Fannie Mae and Freddie Mac. My question is, “Was she competing with Fannie Mae and Freddie Mac … or colluding with them?” Also, have her efforts had anything to do with ACORN, an organization some consider a radical left wing operation which, among other things deals with housing issues a as well as other activities like its union affiliates and voter registration efforts which have led to a number of its operatives receiving felony convictions for voter fraud?
It seems that Ms. Ketner, like all of the rest of the Democrats, wants to blame the Republicans for deregulating Wall Street and, in some delusional, mystical or magical way, to try to insinuate that all of the current financial crisis is not related to corruption and fraud in Fannie Mae and Freddie Mac and the Democrats’ efforts to block increased or basically any regulation of those two out of control institutions but to some undefined deregulation on Wall Street which has nothing to do with what happened at Fannie Mae and Freddie Mac. In fact, early in his first administration, even President Clinton tried to reign in these two corrupt giants but was blocked by his own party. Did you just see Ms. Ketner pull a quarter out of your ear?
The Republicans contribution to this entire mess was the failure of SEC chairman Chris Cox, a Bush appointee, to adequately oversee the functions of the SEC which basically ignored what was going on even though it knew about it as reported in a recent Inspector General’s report and, then Chairman Cox failed to exercise a power he had to change the “mark to market rule”. He was finally reminded of this authority last week by the Senate and has subsequently acted … after 11 months … hopefully not too late.
To the contrary, President Bush, since 2001, has been trying unsuccessfully to increase the regulation on Fannie Mae and Freddie Mac and has been opposed and obstructed every step of the way by such prominent Democrats as Barney Frank, Chris Dodd and Chuck Schumer. President Bush sent Treasury Secretary John Snow to Congress with warnings about irregular accounting practices and increasing risks of continuing the high risk policies of Fannie Mae and Freddie Mac. He sent Alan Greenspan who warned of the potential of a financial crisis if the practices of Fannie Mae and Freddi mac continued to go unchecked. They were ridiculed by Democrats like Barnie Franks, Maxine Waters and Chris Dodd. John McCain warned of a pending financial crisis two years ago as the Republicans tried to get a bill passed to increase regulation on these two entities which was voted down by the Democrats.
Think about it? If there were Republicans actually responsible for this crisis, don’t you think there would be several hundred special investigations going on right now with the current Democratic majority And, with the Democrats maintaining a majority in Congress, do you think that there is going to be any sort of investigation or commission to study the crisis? Barack Obama has already said that notion, an investigation or commission, which has been suggested by John McCain was “ridiculous”. I imagine he does think the idea of investigating the cause of the current financial crisis is ridiculous. What could John McCain be thinking? No sane Democrat would want that.
Now everyone will argue that the Republicans have controlled Congress for six of the past eight years. Actually, some will argue that the Republicans have controlled Congress for the past eight years. I’ve actually heard that one frequently. Based on that, I understand why the Democrats think they can win. There’s nothing like appealing to and feeding on people’s ignorance. Ms. Ketner knows that it takes a majority of 60 in the Senate to override the possibility of a filibuster. The Republicans have never had more than 55 members in the Senate in the past eight years … or past twelve years. The Democrats last had that kind of majority in the 1960’s. Without a majority of 60, the minority party can, in effect, veto any bill it doesn’t want passed. That’s why the Democrats are trying real hard to get 60 Senate seats. Simple majority rules in the House … not so in the Senate. The Founding Fathers were very smart … although many Democrats would resentfully disagree.
But, somehow, the Republicans are responsible for the current meltdown of the housing markets and the resultant financial crisis. Even though you can hear and see the words coming from the Democratic Congressmens’ and Senators’ mouths on video tapes of the events, the Democrats …. like Ms. Ketner … are in complete denial of the obvious truth. President Bush can justifiably be held responsible for a lot of things … but this isn’t one of them. The evidence is in plain view for anyone to see.
Now, all of these things that Linda Ketner has done, … well, they’re very admirable. There’s nothing wrong with trying to get people affordable housing and trying to help people own homes … unless and until it starts hurting other people. Can anyone deny that the current financial crisis has the capability of hurting a lot of people.
Now … I don’t know if the things that Linda Ketner has been doing for the past 17 years has anything to do with the meltdown of Fannie Mae and Freddie Mac, but … it all sounds an awful lot like a lot of what many of the rest of the Democrats like Barney Frank, Chris Dodd and Chuck Schumer have been up to for a long time.
So, my question is, “How much have Linda Ketner’s efforts been tied to risky loans handled through Fannie Mae and Freddie Mac which are the cause of the meltdown of the housing market?
I’d like her to answer that.
No. I’d like someone else to look into that … some entity that doesn’t have a vested interest in winning a political campaign. It’s not that I don’t trust you Ms. Ketner. But, in my opinion, you have a knack for either stretching the truth or completely ignoring it and you haven’t been completely candid in your assessment of what and who has been wrong for the past seven or eight years. If you do consider yourself candid, then I question your ability to accurately assess a financial situation … or anything else.
Filed under: Linda Ketner, News, Political Commentary, Politics, South Carolina Politics | Tagged: Alan Greenspan, Barney Frank, charleston Affordable Housing and South Carolina Equali, Chris Cox, Chris Dodd, Chuck Schumer, Fannie Mae, financial crisis, Freddie Mac, John Snow, Linda Ketner, mark to market, Mayor's Council On Homelessness and Affordable Housing, Nancy Pelosi, President Bush, S.C. Housing Trust Fund, SEC, SEC chairman, South Carolina Citizens for Housing, South Carolina First Congressional District, Treasury Secretary, Wall Street | 3 Comments »