I believe the DNC has unwittingly cemented Mitt Romney as the leader of the Obama opposition:
Their attempt to paint Mitt Romney as the best friend of Wall Street falls flat as they offer nothing but sound bites of Mitt Romney making very good points: 1 – Obama is scapegoating and looks to place blame on Wall Street, 2 – greed on Wall Street is nothing new and is not the only source of the failure of our economy.
DNC spokesman Hari Sevugan thinks he has the dirt on Mitt Romney:
Mitt Romney’s ‘no apology’ book tour is appropriately named. He offers no apology for Wall Street speculators whose irresponsible behavior jeopardized our economy. He offers no apology for bailed out banks who took taxpayer money with one hand and then handed out giant bonuses to their executives with the other. And he offers no apology for an insurance industry which keeps hiking up rates on our families while engaging in unconscionable practices that denies care when people need it the most. Mitt Romney has made it crystal clear – he and the Republican party are on the side of Wall Street and insurance companies, and not the side of the American people. And that’s just sorry.
The response from Romney’s spokesman Eric Fehrnstrom:
It’s sad that President Obama feels the need to cover up his own failings on the economy by engaging in Washington-style attack politics, which do nothing to put unemployed Americans back to work.
My response to Mr. Sevugan: Turn that finger around and point it back at yourself! Mitt Romney need not apologize for those problems because he has absolutely nothing to do with them. The Obama administration is in power right now. Not the Romney administration, nor even the Bush administration. Misappropriated taxpayer money should have been monitored by the current administration. Trying to pinpoint fault on excessive executive bonuses is missing the forest for the trees. The economy was in shambles when Obama took office, what has he done to improve it? Nothing but spend like a runaway train, with no real benefit to the economy whatsoever!
This chart explains best perhaps why the Obama administration is seeking place blame elsewhere:
NRSC Web Ad, “Who’s The Real Party Of Wall Street?” I include this because it so clearly points out the hypocrisy of the DNC’s ad and their efforts to scapegoat Wall Street in general.
Why did the DNC single out Mitt Romney?
Brad Woodhouse, a spokesman for the D.N.C., said the organization singled out Mr. Romney because he’s been one of the most frequent critics of the legislation and the president’s economic agenda. Mr. Woodhouse explained the reasoning this way: “Well – for one – he’s been out saying what other Republicans believe but are scared to say – that it’s Main Street families and businesses that are to blame for their bad choices and not the big banks or Wall Street. He’s also been very active in speaking out against this – and since he purports to be and aspires to be a leader of their party – we’ll highlight his words and let other Republicans embrace or disavow.”
Thanks Brad for pointing out that Romney “has been one the most frequent critics of the legislation.” But at the same time, you willfully misquote Romney when you say that he blames main street or businesses. If you took some time to read his book you would see that Romney places the blame for the woeful economy and down-turned housing market on not one group but several groups or individuals. (see below)
Who is to blame for the collapse of the housing market and economy?
(Source: Mitt Romney’s book No Apology pgs. 142,143)
- Clinton Administration for pressuring Fannie Mae and Freddie Mac to offer risky loans to those who could not afford them.
- Wall Street dealers who over-leveraged themselves. These brokers sliced and redistributed the mortgages – “a technique that most believed would spread the risk while in fact it was spreading the disease.”
- Lazy investors who “were so anxious to get the higher interest rates provided by these securities that they failed to look into the creditworthiness of the borrowers.
- The Federal Reserve failed to recognize that the vast numbers of mortgages in 2006 were sub-standard. An additional contributor to the problem was the fact that the Feds kept interest rates low in effort to avoid deflation. They succeeded in that, but unintentionally allowed people to buy larger homes with variable mortgage rates that were very low, but would certainly not last.
- Bank regulators failed to recognize that the mortgage-based securities were extremely high risk.
- Ratings agencies “should have done their job and busted pretenders”
- The treasury secretary and congressional oversight committees for sheer lack of oversight.
- Senator Chris Dodd and Congressman Barney Frank for pushing “destructive government policies.”
- And lastly George W. Bush because the buck stops at the President. He can’t avoid some of the blame “nor to his credit has he tried to.”
What Caused Our Economic Crisis?
This video is very fast-paced but it is packed with relevant information. Though I don’t like the style or music a whole lot, it is vital that Americans understand to info provided.
The clear winner in the DNC attack ad? Mitt Romney. The DNC didn’t win any additional support from Dems as they already hate Wall Street. What they have done is given disenfranchised independents and conservatives alike a leader to rally around for the 2010 and 2012 elections. Thanks for the free publicity!
UPDATE from Ross:
“Frankly, I don’t believe in discriminating against anybody, regardless of the street they’re from.
You see, all the streets in America are connected, and scape-goating and demonizing individuals based on where they live or where they work is a big mistake.”