Well, we’ve seen the effects of the bailout that both Senators Webb and Warner voted for to the tune of $905 billion. Stock markets are crashing. They would have crashed anyway, but now we are paying an extra $905 billion for it.
Before the Senate vote, I faxed letters to my Senators about my opposition to the bailout (as did about 80% of the rest of America). And Jim Webb responded with an email. Here is a portion of what he wrote to me:
<table border=”1″><tbody><tr><td><font face=”Courier New” size=”2″><b>For many years, I have said that the current Administration has failed to exercise appropriate oversight of the nation’s banking and corporate sectors, and has promoted policies that reward Wall Street at the expense of Main Street. The Administration’s actions are largely responsible for our current economic crisis, which resulted in President Bush’s September 2008 proposal to help restore soundness to U.S. credit markets.</b></font></td></tr></tbody></table>
Now, either Webb is completely ignorant of recent history or he is deliberately lying to me hoping that I am too stupid to see through the lie.
The truth is that several times since 1999, the Republicans have tried to enact reform of Freddie Mac and Fannie Mae. You can read my earlier blog posts about how people like Senator Chris Dodd and Representative Barney Frank have stonewalled those efforts by saying that they saw no problem at all.
<a href=”http://new84rules.blogspot.com/2008/10/democrats-will-not-talk-about-freddie.html”>Democrats Will Not Talk About Freddie Or Fannnie</a>
October 7, 2008
<a href=”http://new84rules.blogspot.com/2008/10/pelosi-declares-hearings-on-housing.html”>Pelosi Declares Hearngs On Housing Crisis: Barney Frank To Co-Chair</a>
October 3, 2008
<a href=”http://new84rules.blogspot.com/2008/09/crony-capitalism-is-root-cause-of.html”>Crony Capitalism Is The Root Cause Of Freddie And Fannie Troubles: Democrats At The Center Of It All</a>
September 27, 2008
And a more in depth look at Barney Frank’s statements about Freddie and Fannie over the past several years:
<a href=”http://new84rules.blogspot.com/2008/09/barney-frank-lies-and-damned-lies-about.html”>Barney Frank: Lies And Damned Lies About Freddie And Fannie</a>
September 24, 2008
And he also wrote this little tidbit:
<table border=”1″><tbody><tr><td><font face=”Courier New” size=”2″><b>I opposed the original hastily-written and woefully inadequate financial sector bailout bill proposed by President Bush. In the nearly two weeks after the President’s proposal, the U.S. Congress radically changed the original bill to better protect taxpayers and to ensure greater Congressional oversight. I am pleased that the bipartisan compromise legislation to stabilize our nation’s economic system (H.R.1424), which the Senate passed on October 1, 2008 by a bipartisan vote of 74-25, bore no resemblance to the original Bush proposal.</b></font></td></tr></tbody></table>
Now, the only real difference between the original bill and the one Webb voted for was over $150 billion in earmarks and pork. Thus, if we follow Webb’s own words, the only reason he voted for the second version was because it contained so much irresponsible spending! Look at all the wooden arrows Webb voted for! Look at all the Rum from Puerto Rico and the Virgin Islands Webb voted for! Webb voted to give Hollywood a $500 million tax break for making movies! Those are among the the differences between the original bill and the bill that the Senate passed!
So, Senator Webb either has the most incompetent research staff in the Senate, or he is deliberately lying to us Virginians about the true causes of the current financial crisis and the true reasons he voted for it. Or another theory is that he is simply toting the Democrat Party line because that is what he was told to do by his political masters even if it means going against the Commonwealth of Virginia.
Anyway you cut it, he must really think that we Virginians are stupid.
We need to make sure that he is a one-term Senator and then elect someone who will actually represent Virginia rather than the interests of the Democrats.