UPDATED: This is posted at the FoxBusiness site:
The House Committee on Oversight and Government Reform is planning to hold a total of five hearings this month on different aspects of the financial crisis, including looks at hedge funds, credit rating agencies and federal regulation.
No mention of hearings on the role of Congress or Congressional oversight.
UPDATE: The Mercury News published the following article in the Sunday edition (10/5/08):
The financial crisis: How our mortgages got us into this. Lot’s of blame for mortgage lenders and Wall Street but nary a mention of the Community Reinvestment Act, Congress’s role in the crisis, nor the opportunities they had to reign in Fannie Mae and Freddie Mac over the past two administrations (Clinton and Bush).
UPDATE: Right on cue, the local PBS television station (KQED) is running Oliver Stone’s Wall Street. This 1987 film focused on the evil, greed and ruthlessness in the financial industry. The liberal media has chosen its goat.
Anyone want to bet me that the architects of the mortgage collapse in Congress (Barney Frank, Chris Dodd, and other Democrats) will never be called to task for their complicity?
“Whether you are an entrepreneur or an investor, stay away from pariah industries. The Left is all about demonization. It started with tobacco, went on to HMOs and now it’s energy–and moving towards real estate and banking. They seem to have an almost tribal need to cast the sins of the community onto the goat, and then drive it into the wilderness.”
Advice for investing in the coming years from Jerry Bowyer, “Weathering The Storm,” Townhall, October 2008, p. 28-9