The Sallie Mae/ACORN Tax Increase
Yesterday’s failure of the bailout in the House doesn’t end the crisis. But, the crisis and the cause, Democratic party corruption, still remain. In the long run, this crisis will redound against the Democrats, but the time is too short for it to have an effect on this election. Yesterday’s vote probably cost McCain the election.
Pelosi’s role in engineering the bailout’s defeat (she didn’t “whip” the vote) was very shortsighted. The Republican caucus knew that Pelosi wasn’t pushing party discipline and loyalty to get a winning vote. Pelosi’s venom in the speech just prior to the vote only served to confirm the fact that she was going to use this crisis to partisan advantage. And, long after the finger pointing, what will be remembered is that the coming recession, and possibly depression, is Pelosi’s and Obama’s.
But, this crisis remains a creature of the Democratic party. It is the creature of the likes of Dodd, Frank, Reid and Pelosi. The longer the problems remains unsolved the longer it festers. The MSM can hide the problem only so long. Then the corruption underlying the problem will come out.
Obama and the Democrats, with the help of the MSM, are trying to run the clock until November 4th. In the long run, no amount of ACORN slush funds will hide the reality of the damage that corruption emanating from a badly mismanaged Fannie Mae and Freddie Mac. 700 billion dollars of corruption will, in some way, wash through our economy. Whatever plans the Democrats had for their triumphant re-entry in January 2009 will be very badly constrained by that fact.
Obama got his wish for a tax increase; a 700 billion tax increase. A 700 billion tax increase courtsey his friends from Sallie Mae and ACORN (you know, he used to work for the latter). The problem is that his friends at ACORN have already spent the money. And, there’s no more money. The slack that Reagan’s economic policies engendered is gone.
There’s no more money for any more of his social programs he’s promised. We’re already in for a recession; at the very least. And, it will be Obama’s, not Bush’s, recession. His options will be constrained by the reality that any move he takes could turn his recession into a depression. This is the knife edge that Obama’s presidental legacy will reside.
Remember, Hoover got tagged with the Great Depression because is was his from 1929 to 1932. This recession (and perhaps depression) will coincide with Obama’s assumption of power in 2009. The economic conditions will squarely be associated with the man who occupies the Oval Office as of January 2009. Even now, Bush is a faded memory.
Yes, Obama, to his own detriment can listen to his loony-left supporters and proceed with all sorts of taxing and spending–above and beyond the 700 billion tax and spend by his friends at Fannie Mae and ACORN. And, the Democratic party will come to a sudden halt in November 2010. I think that even Pelosi isn’t that crazy.
Yes, Obama can toe the line with the fringe global warming crowd. But, very soon, he’s going to start hearing about the high price of home heating oil from the Blue State Northeast. That’s above and beyond four dollar gasoline. And, California actually has offshore oil that can come on line in under a year. Obama better start really leaning on the California Congressional delegation.
And, despite the venom Pelosi directed at Bush yesterday, Obama better start, right now, making real nice with Bush. Because Obama is going to need a really big favor from Bush–bombing Iran before January 20th.
But, McCain still has a very important job to do. That is to continue to help the GOP maintain strength in both houses of Congress. Win or lose, he is the head of the GOP. He has a responsibility, in the next thirty days to campaign as hard as possible to keep this election close because, for the sake of this country and his party, he needs to maintain a viable opposition. In particular, he needs to deny the Democrats a filibuster-proof Senate.
McCain needs to concentrate on one mantra for the next thirty days: Democrats-corruption-Sallie Mae. Regardless of the questions asked on the remaining three debates; Democrats-corruption-Sallie Mae.