After the tea parties 2

 Nancy Pelosi wants a ‘probe’ of  Wall Street, hoping to put all the blame on it for the economic crisis.

The Investor’s Business Daily comments:

The problem is, what "happened on Wall Street" was a direct result of what happened on Capitol Hill. And we’re not the only ones who believe that, by the way.

"Government policies, especially the Community Reinvestment Act, and the affordable housing mission that Fannie Mae and Freddie Mac were charged with fulfilling, are to blame for the financial crisis," wrote economist Peter Wallison, a fellow at the American Enterprise Institute, recently.

"Regulators also deserve blame for lowering lending standards that then contributed to riskier homeownership and the housing bubble." Exactly correct.

As such, Pelosi’s proposed … commission will be little more than a fig leaf to cover Congress’ own multitude of sins — letting its members, the true creators of this financial mess, bash business leaders as they pose as populist saviors of Main Street from Wall Street predators.

Why do this now? Pelosi and her Democrat colleagues are feeling the heat from Tea Party demonstrations and growing voter anger over the massive waste entailed in the $4 trillion (and rising) stimulus-bailout bonanza. Again, the Democrats created all this spending. Now, as it proves unpopular, they just walk away from it.

On NPR Thursday, a reporter confronted Rep. Barney Frank, chairman of the Financial Services Committee, with the fact that his $300 billion "Hope for Homeowners" program, passed with much fanfare last fall, had so far helped just one homeowner. One.

Frank’s response: It was the fault of the "right." And Bush.

Truth is, Frank’s party has been in charge since 2006. And during that time, Democrats have presided over one of the most disgraceful and least accomplished Congresses in history. This financial mess began on their watch, yet they pretend otherwise. 

Posted under Commentary by Jillian Becker on Friday, April 17, 2009

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