As media continue to report current economic conditions as being almost Depression-like, they conveniently forget which political party has controlled both chambers of Congress since January 2007 as well as who was in the White House when key financial services deregulation was enacted.
Such a well-timed amnesia hit ABC's Claire Shipman Sunday when during the panel discussion segment of "This Week," she blamed the current financial crisis on Republicans.
Color me unsurprised.
After host George Stephanopoulos asked Shipman's husband, Time magazine's Jay Carney, "How does John McCain fix his problem on the economy," the following ensued:
JAY CARNEY, TIME MAGAZINE: He has to make a high-profile speech about this crisis that says, "I can be a Republican who actually cares about people that are suffering through this downturn and this crisis." And that will get people's attention. I think it's now he's got the nomination, it's not too early to start remembering the middle.
CLAIRE SHIPMAN, ABC: Won't that just remind people though that Republicans were running the show when we got into this mess?
Well, Claire, as the Democrats took over Congress in January 2007, and the credit crunch started about six months later, could you tell the class what pieces of banking legislation were proposed by the majority party during this period which were designed to solve the looming financial crisis?
Oh, that's right: the Democrats spent the first year of the 110th Congress almost exclusively trying to end funding for the Iraq war.
In a related question, Claire, could you list specifically what pieces of legislation signed into law by George W. Bush precipitated the problems the financial services industry is facing today, and what Democrats did to stop their passage?
While she ponders, the reality is that many of the problems in the banking, lending, and securities industries today are tied to the Gramm-Leach-Bliley Financial Services Modernization Act which eliminated the last vestiges of the Depression Era Glass-Steagall Act.
For those that actually study such things, Glass-Steagall created legal distinctions between what banks, securities firms, and insurance companies were allowed to offer to the public as well as invest in. Gramm-Leach-Bliley removed such barriers ushering in a new era of lending and securitization partially responsible for the easy money that pumped up housing prices this decade.
This is by no means a castigation of Gramm-Leach-Bliley, as such deregulation will, in the long run, help consumers by giving them many more options that wouldn't have existed before. Unfortunately, for the time being, it appears an unbridled financial services industry has been its own worst enemy.
That said, this bill was signed into law by President Bill Clinton on November 12, 1999. It passed in the Senate by a vote of 90 to 8, and 362 to 57 in the House.
Yet, somehow, this is all the Republicans' fault.
As an aside, I am by no means pointing out this bill to blame our current financial woes on Democrats. Instead, I wanted to illustrate how foolish and disingenuous it is to blame it all on Republicans.
—Noel Sheppard is the Associate Editor of NewsBusters. Follow him at Facebook and Twitter.




















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And to fix the financial
March 23, 2008 - 12:24 ET by NazarethAnd to fix the financial sitiation, the dems will do what? Raise Taxes? More Pork? Kill Medicare/Social Security? Stop All Oil exploration? Set aside vast tracts of land for wildlife while struggling farmers lose their livelihoods? Brilliant!
Such an attractive woman...
March 23, 2008 - 12:30 ET by AgentAmerican...yet on the wrong side of the political spectrum. It's not just reporters that break my heart like this...
Kate Walsh of Private Practice is campaigning for Obama as she said on Letterman.
They would probably hate me for not being a metrosexual.
Yet, their obvious slant is evident of the media elites.
Great points
March 23, 2008 - 12:43 ET by Delsabut we all have to remember it is all Claire and her ilk know
I blame Claire...
March 23, 2008 - 12:52 ET by heldmyw...for the fact that 1 in 4 teen girls has an STD.
http://www.cnn.com/2...
Hey! It could be true. I did just as much background and fact-checking as she did!
Even went to CNN.
Chicken Scratch, Sound Bite Journalism
March 23, 2008 - 13:01 ET by thoridflyThere you go!
The "investigative research" that goes into CNN, ABC, CBS, NBC, and MSNBC reporting consists of reading what's on the AP wire and then grabbing the sound bites that will incite and appease their liberal demographics ... chicken scratch journalism.
The "Economy" is HUMMING
March 23, 2008 - 12:54 ET by thoridflyThe only place where the economy isn't thriving ...
... is where liberal, Democrat policy is having it's impact ... where there is extensive debt, government hyper-regulation and over-taxation, and liberal Democrats in leadership positions in industry.
Do a study in the sectors of the economy that aren't doing well ... you're going to find liberals, Democrats, and fiscally unsound business leadership ... you're going to find DEMOCRAT fingerprints all over that industry.
And another point, wherever you have sound leadership in industry those segments of the economy are THRIVING ... and that's 90% of the economy.
Democrats are pro-tax, anti-business, anti-industry, pro-overregulation, pro-socialism, anti-wealth (which is what it takes to have a strong economy), anti-growth, anti-taxpayer, and quite frankly just plain anti-American ... THAT is the only problem with parts of the economy ... DEMOCRAT POLICY.
thoridfly: Dennis
March 23, 2008 - 17:25 ET by QueenMumthoridfly: Dennis Kucinich's Congressional District is a perfect example of exactly your point. And the Dems in his district have put him right back on the ballot for the general election. I guess his constituents still believe that he's going to turn the rusting iron into gold. But that's Ohio for you. The State motto should be: "Wait till next year." ;)
I am the exotic Queen Mum, and I approved this message.
AAARRRGGGGHH!!!!
March 23, 2008 - 13:10 ET by motherbeltJAY CARNEY, TIME MAGAZINE: He has to make a high-profile speech about this crisis that says,"I can be a Republican who actually cares [unlike the rest of those heartless SOB's] about people that are
suffering through this downturn and this crisis." And that will get
people's attention. I think it's now he's got the nomination it's not
too early to start remembering the middle. (emphasis added)
All I can say is WHERE'S MY FLIPPIN' DUCT TAPE!!!!!
In through the nose; out through the mouth.......
However, maybe the funniest part of his suggested speech is for McCain to say "I can be a Republican...."
Liberal Busybodies
March 23, 2008 - 13:27 ET by thoridflyThey're busybodies ... telling everybody else what to do instead of doing THEIR part to make the United States a strong Christian republic ... tares, chaff, false teachers, false prophets, moral cockroaches ... antichrists.
1 John 2:18
Little children, it is the last time [eschatos hora - the lowest, or trying, hour ... the hour of adversity ... the time to rise up and speak the Word of God with all boldness] : and as ye have heard that [the spirit of] antichrist shall come, even now are there MANY ANTICHRISTS; whereby we know that it is the last time [eschatos hora - the lowest, or trying, hour ... the hour of adversity ... the time to rise up and speak the Word of God with all boldness].
"If the good men [and women] are silent only the wicked are heard." - Edmund Burke
Absolutely Insulting
March 23, 2008 - 13:40 ET by JoelCTNoel, there are three comments here are absolutely insulting to me. First, the Time magazine bigot saying that McCain can be "a Republican who actually cares about people", which implies that the rest of us do not. He then goes on to say to McCain "it's not too early to start remembering the middle", when it was President Bush who gave us the HUGE tax cuts which let everyone enjoy their prosperity, including the middle class.
The third comment "Republicans were running the show when we got into this mess", by Claire, is equally insulting. The Democrats have been in power of both the House and the Senate for the last fifteen months, and I do not believe it is a coincidence that the economy has been faltering in that same exact time. The most damaging of their power plays has been to stifle small business by raising the minimum wage to a point which sucks all of the profit out of their businesses. The economy was booming when the Democrats got their power back; it has just taken them a while to wreck it.
The lying by these media types has reached a level that makes their screeching in 2000 and 2004 seem mild by comparison.
the first two you mentioned
March 23, 2008 - 13:50 ET by motherbeltthe first two you mentioned are what had me running for the duct tape.
One other comment about the middle...
Start remembering the middle???? Where has this guy been living? John McCain has never been anywhere BUT the middle. Which is why he has no creds among conservatives.
Oh, wait a minute...he didn't specify where he thinks the middle IS..
Unfortunately, for the time
March 23, 2008 - 14:32 ET by dmntd1Unfortunately, for the time being, it appears an unbridled financial services industry has been its own worst enemy.
This seems to be a common thread when industry is de-regulated, even in part. Illinois recently lifted a rate-freeze on utility companies, and the rates charged by private-industry ballooned, sometimes 2-300%. Once the utility companies realized how stupid they were being, they almost all dropped down to a level they could a) make a profit and b) maintain their systems.
Seems that when you deregulate something that's been regulated for so long, there's a moment of disbelief from the captains of that industry, and they choose to over-react. I believe something similar happened in CA with the electric companies, although I'm not much up on CA politics...
I really think that questioning others' masculinity is a game probably better left to people who haven't had more cock in and out of them than a Tyson Chicken regional distribution center. AceOfSpades 06162007
DM
March 23, 2008 - 15:23 ET by Noel SheppardDM,
You're correct. This is very typical when industries experience deregulation.
That said, could you please change your tag line? That's not appropriate at our family oriented website. Thanks. ns
Sorry, this
March 23, 2008 - 16:00 ET by dmntd1Sorry, this better?
Fascism is a religious conception in which man is seen in his immanent relationship with a superior law and with an objective will that transcends the particular individual - Mussolini
Much better. But, you should
March 23, 2008 - 16:14 ET by Noel SheppardMuch better. But, you should check the spelling of imminent. :-) ns
he couldn't help it
March 23, 2008 - 16:16 ET by candanceThat's a common mistake among typical white people.
candance,
March 23, 2008 - 16:24 ET by R D HelmI'm thinking of changing my tl to "Proud typical white person."
Now, I haven't a clue is to what a typical white person actually is, but, I am white, and probably pretty typical, so I guess it fits.
Theme for Election '08: I want my mommy!
RD
March 23, 2008 - 16:31 ET by RESTLESS 1I'm a Typical Texan, gun totin' and arrogant as hell. ;>)
R1,
March 23, 2008 - 16:40 ET by R D HelmLOL-Well, if I move from Georgia to Texas, I won't have to change a thing.
Theme for Election '08: I want my mommy!
I absolutely refuse to be
March 23, 2008 - 17:29 ET by QueenMumI absolutely refuse to be considered "typical". I prefer the newly chic "exotic white person".
I am the exotic Queen Mum, and I approved this message.
I rather prefer Atypical
March 23, 2008 - 19:33 ET by dmntd1I rather prefer Atypical Person of Caucasion Persuasion....
Fascism is a religious conception in which man is seen in his imminent relationship with a superior law and with an objective will that transcends the particular individual - Mussolini
I prefer "typical black
March 23, 2008 - 19:41 ET by MrShyI prefer "typical black person".
I know, I know, I'm white, technically, but I think I have a lot of black in me.
Wait, that would make me the most atypical black person around, and render actual black people quite typical.
Aaaaah, aren't we getting a lot of mileage out of this one. Okay, Shawn, Leon, et al, I'm a full-blown racist now thanks to this horrible idea of comedy, correct??
:)
* * * SOCKS THE CAT '08 * * *
For REAL Change
Economic Problems? RU KIDDING ME?
March 23, 2008 - 17:20 ET by Guy Arthur ThomasBecause we are not in a constant BOOM we are in "Depression-Era Like" conditions? Is this moron of a reporter kidding? I turn on my CABLE TV and there are 200 plus channels (or more, I quit counting). Does someone REALLY THING "Depression-Era Like" conditions can support that kind of media? More cars than ever have Nav Systems from the factory, more new designs are being produced in the field of auto manufacturing and design, Blu-Ray is taking over and everyone will purchase the Blue-Ray players, I-Phones are increasing in popularity, more and more celebrity clothing lines are being introduced, the movie industry surpassed the 50 billion mark last year and is headed for a strong year and summer already, Wii's are everywhere, and TRY driving somewhere during a HOLIDY...even this past St. Patrick's Holiday was crowded and it isn't even a legal Holiday. That's "Depression-Era Like" conditions? Bring it on then...
Yes, the housing industry we KNEW was headed for a drop (and frankly a very needed drop and stall). And yes, it is affecting other industries. But friend, it isn't "Depression-Era" anything. It isn't even summer and Americans are willing to spend 100 million on several movies.
Now a time may come where it gets that way, but I don't believe so but right now it is just a little drama queen reporterete scratching on the black board hoping to get some attention.
Shut up and blog! If you claim to be a conservative, please don't disgrace yourself and conservatism by thinking and arguing like a liberal.
Well stated, Guy. I have
March 23, 2008 - 18:13 ET by SmartypantsWell stated, Guy. I have been trying to rail on anyone in my vicinity who I hear griping about the economy. I believe this is nothing more than brainwashing. People have been told for so long that the economy is in turmoil, they are starting to believe it entirely. There is indeed a slowdown; however, that was inevitable. We could not maintain the growth rate of the past six years without a correction. Personally, I know of nobody in my circle of family and friends who are unemployed, and we live in Michigan--the worst economy in the country. Yet, many people I know are grumbling about things as if they are unemployed. This is how potent the media can be to the human mind; the msm still controls the thoughts of so many.
Bush Derangement Syndrome
March 23, 2008 - 17:02 ET by rbosqueBush Derangement Syndrome has several symptoms:
including severe migraines, long and short-term memory loss, bull $*&& coming out of the mouth, dementia, and in some patients, acute insanity. Avoid being a journalist when taking any dose of reality or you might suffer chronic retardation.
There really is a lot of
March 23, 2008 - 17:11 ET by fitzfongThere really is a lot of inbreeding in Washington media circles...and all this inbreeding leads to increased ignorance cloaked as conventional wisdom. Claire Shipman is the classic casting couch bimbo who rose through the ranks despite her limited intelligence. Add that to the fact that they put her on an analysis segment with her equally deficient husband and it simply further illustrates how corrupt and out-of-touch ABC News is (and don't get me started on their hiring Clinton's chief mouthpiece as an "objective" host). These people speak of the economy as if they were Glenda the Good Witch from the Wizard of Oz...simply tapping one's shoes and repeating the same phrase ad nauseum will make it so. Instead of "there's no place like home", it's "Bush's economy is in recession, Bush's economy is in recession, Bush's economy is in recession..."
Of course. I've been
March 23, 2008 - 17:13 ET by QueenMumOf course. I've been thinking all along that the current doom and gloom coverage of the economy is precisely aimed at discrediting the Republican party via Pres. Bush. Not that there aren't concerns. But the MsM is taking full advantage and throwing the words "recession" and "depression" around whenever and wherever they can.
I'd like to hear someone in the Republican party fire back by talking about what the economy will look like if either Hillary or Obama is elected.
I am the exotic Queen Mum, and I approved this message.
Who you gonna Blame?
March 23, 2008 - 17:53 ET by Vonu"I am by no means pointing out this bill to blame our current financial
woes on Democrats. Instead, I wanted to illustrate how foolish and
disingenuous it is to blame it all on Republicans."
Don't blame the GOP, don't blame the Dems. Don't talk about it cuz then it might happen (recession).
Both parties have turned their back on the Constitution's limit of coining money. Since Congress turned over control of the money supply to the Fed in 1913 and charged it with "price stability" the dollar has lost 95% of its value in real terms.
And with 50 trillion dollars in future spending obligations there is another 95% drop in our future. Whose to blame? The libertarians for not being successful in electorial politics? Or all the real Americans who are more interested in getting something for nothing than in creating a sustainable moral society for their children and the generations that follow.
We cannot have a moral society while using immoral money. Ending the Fed returns power to the people in ways that force the evil doers to reign in their activities.
I agree
March 23, 2008 - 18:02 ET by sarcasmoIt's all those damn Libertarians' fault!! ;)
JMR
A corruption-story the TV media will-not cover.
Their own worst enemy?
March 23, 2008 - 18:00 ET by sarcasmoI don't see how that's true as long as Uncle Sugar's in the morally-hazardous bailout business when executives do something really stupid. Maybe "the taxpayer's worst enemy" or "the dollar's worst enemy" fits this fact-pattern a bit better?
JMR
A corruption-story the TV media will-not cover.
One of the most telling
March 23, 2008 - 18:19 ET by SmartypantsOne of the most telling examples of the cost of ignorance, as well as the power of the media, is polls which often show the public has more faith in Democrats to run the economy than Republicans. What tools do Dems use to run the economy? Tax increases? Spending increases? Price controls? Minimum wage increases? All of these elements run counter to an economy that runs smoothly for the long-term. Sure, Republicans fell into the spending trap in recent years but at least that party theoretically believes in limiting spending. The average person in the street probably understand little about the workings of the economy, yet polls show more faith in Democrats to run the nation's finances. What does that tell us?
It tells us
March 23, 2008 - 18:25 ET by sarcasmoThat Republicans are facing nasty and somewhat ironic consequences for that big spending "trap" they deliberately decided to fall into, IMO. "Fool me once, shame on you. Fool me twice, shame on me." Is an old saying for a reason...
JMR
A corruption-story the TV media will-not cover.
You have to remember, that
March 23, 2008 - 18:32 ET by motherbeltYou have to remember, that they have mostly been educated in government schools. And for most of them, "running the economy" means, as you said, minimum wage increases and price controls. Oh, and punishing "evil corporations" along with society's producers.
I understand. It's
March 23, 2008 - 20:28 ET by SmartypantsI understand. It's extremely disappointing, but I do understand. Ignorance is a friend to the liberal politician.
at it again
March 23, 2008 - 22:28 ET by candanceWasn't this the same chick who tried to blame Arnold Schwarzenegger for those fires in Malibu last fall - when he famously grabbed her hand and told her to stop the witch hunt?
Claire Shipman is always blaming Republicans for something or another.
You hit the nail right on
March 24, 2008 - 07:40 ET by JustaPatriotYou hit the nail right on its head dmntd1. I would ad the addendum about the part of the deregulation legislation that has to do with oversight. If you don’t provide for oversight you won’t get any. Now that’s a recurring theme with this administration
Those who fail to learn from History, are destined to repeat it.......