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Put words in Powell's mouth

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N&O cartoonist Dwane Powell is taking his turn providing a captionless cartoon to the McClatchy caption-writing contest. Here's the cartoon. Go here to enter the contest. Let's have a local winner!

 

 

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How about Fawns Over Obama just like media?

You can thank your Democratic Party for the current financial crisis.

The Democratic Party(through Democratic dominated organizations such as ACORN, Fannie Mae, and Freddie Mac and Democratic inspired laws such as the Community Reinvestment Act) intimidated banks into lending money to poor minorities and whites who could not possibly pay the money back.

The resulting bad loans were packaged into mortgage securities which(since they were based on fraudulent loans) had no significant value.

It is no accident Obama and Dodd are the top two recipients of Fannie Mae campaign contributions and that Obama chose Jim Johnson(former Fannie Mae executive) to select his vice presidential nominee.  It is no accident Obama represented ACORN and that he and Ayers donated to ACORN while they were on boards together.  It is no accident Democrats such as Frank, Dodd, Reid, Pelosi and Obama did not join John McCain when John McCain called for reform of Fannie Mae and Freddie Mac in 2005.  It is no accident Democrats like Obama, Dodd, Reid, Pelosi, and Frank resisted President Bush’s calls for reform of Fannie Mae and Freddie Mac.   Don’t buy Obama’s demagogic claim Bush “deregulation” caused the current crisis!   There was little financial “deregulation” under Bush and Gramm Leach Bliley(1999) was not only under Clinton but, by its breaking down of barriers between commercial and investment banks, has helped to alleviate the current crisis by facilitating recent mergers between commercial and investment banks.   The media and Obama can cover up the above truths but the above truths can not legitimately be denied.   The current crisis is directly traceable to your Democratic Party.

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About the blogger

Burgetta Eplin Wheeler is the associate editor of the Editorial pages, responsible for the Other Opinion page. She occasionally writes editorials. She can be reached at bwheeler@newsobserver.com or 829-4825.
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