Blue is the color of this dog

With Democratic Party majorities in both houses of Congress, Rep. Dennis Cardoza, Blue Dog Bubblebrain-Maryland, is praising Senate Republicans for embracing his bill to bail out realtors and mortgage lenders and banks. As we have asked in the past, who knows who owns whose mortgage these days? It is possible that the Blue Dogs will be left twisting in the dusty winds of history, along with the 18th Congressional District of California, sporting the highest per capita foreclosure rate in the nation.
Cardoza, Blue Dog minister of propaganda, is correct that falling home values has precipitated this recession-becoming-a-depression. But, the underlying problem is confidence, without which the entire financial system freezes. But, why have the home values fallen? In large part, because of foreclosures, dragging home prices down all around them. Why the foreclosures? Because of predatory lending practices. Why the predatory lending practices? Easy credit and lack of regulation. Why easy credit? When the dotcom bubble burst in the stock market, the next big bubble was real estate, particularly in California and Florida. Why lack of regulation? Systemic corruption of Congress going back to the days of former Rep. Tony "Honest Graft" Coelho, D-Merced. Why the bubble? Because the Federal Reserve cut interest rates. Why did the Fed cut interest rates? To keep the bubbles going. Why? Because the US has nothing left but a financial bubble economy.
And the bubble has busted. The only Democrats who don't know this and aren't ready to try to figure out how to get out of the bubble economy are the Blue Dog bubblebrains, who don't seem to realize yet that Newt Gingrich is no longer Speaker of the House and that the time of the Blue Dog is over.
Bubblebrain of Maryland and his Republican friends in the Senate want to get the "good times" rolling again -- inflate the real estate bubble because all we have left for an economy is bubbles and the best of all possible bubbles for fleecing the citizens is the real estate bubble. So, they have gotten a cabal of lobbyists from finance, insurance and real estate special interests to write a bill for them that none of them understand and then call it "bipartisan cooperation." But the citizens are broke and in hock up to their necks.
It's better than credit cards and autos. Real estate bubble. Ethanol bubble. Oil bubble. Grain bubble. Treasury-bond bubble. One shudders to think what the next bubble will be. Currency? An inflation bubble?
The 18th CD of California actually still has a viable economy -- agriculture. It has many problems, it lumbers along, its leaders aren't geniuses, but it sort of works and it could improve and adjust to the times with some sort of sane agricultural leadership in the absence of predators. But, with predatory leadership like this Blue Dog Bubblebrain of Maryland, regional agricultural will be taken down to the bottom of the tank if it's dumb enough to listen to him.
And, hey Denny, how 'bout them bees and how 'bout them vets? (For a further example of the moral squalor of Blue Dog Think, see Rep. Raul Grijalva's press release below.)
1-29-09
Rep. Dennis Cardoza press release
Congressman Cardoza praises Senate Republicans’ discussion on mortgage fix
http://co113w.col113.mail.live.com/mail/InboxLight.aspx?FolderID=00000000-0000-0000-0000-000000000001&InboxSortAscending=False&InboxSortBy=Date&n=1931835353
WASHINGTON – Today, Congressman Dennis Cardoza praised Senate Republicans for their work on a proposal to refinance home mortgages at 4-percent interest rates for up to 40-year terms.
“The foreclosure crisis is at the heart of our nation’s financial meltdown. I am pleased to see not only a bold, far-reaching solution emerging in the Senate, but from across the aisle. This is the exact bipartisan cooperation that President Obama has called for.”
On January 7, Congressman Cardoza, D-Calif., introduced the Housing Opportunity and Mortgage Equity Act. Under the HOME Act all current homeowners and qualified borrowers could receive a fixed 4-percent interest rate with a fixed 30-year or 40-year term.
This week, Republican leaders announced interest in a similar proposal and said it could be included in the economic stimulus package expected to be taken up in the Senate next week.
On Tuesday, Senate Republican Conference Chair Lamar Alexander talked about the mortgage issue with President Barack Obama at the party’s luncheon. It was again discussed during a mark-up meeting by the Senate Appropriations Committee.
Minority Leader Mitch McConnell also discussed the need to address housing issues with the Republican Steering Committee.
“I am very encouraged by the support that this proposal continues to gain and hope to see it either in the final stimulus package or as a stand-alone bill,” said Congressman Cardoza. “I have continued to argue that addressing the foreclosure crisis is the surest way to help our economy recover. I applaud the efforts being made by the Senate and I look forward to working with all of my colleagues on a bipartisan basis to ensure this proposal is in the final stimulus package sent to President Obama.”
5-8-08
Rep. Raul Grijalva, D-AR press release
Grijalva Responds to Blue Dog Coalition Stopping Veteran Funding
http://grijalva.house.gov/index.cfm?sectionid=13&parentid=5&sectiontree=5,13&itemid=223
Washington, DC—Today Representative Raúl M. Grijalva responded to the Blue Dog Coalition tactics on the Iraq Supplemental vote:
"The Blue Dog Coalition has once again placed their political priorities above the needs of our veterans. Their claims of fiscal responsibility by requiring pay-as-you-go rules be applied to funding our veterans’ education in the expansion of the GI bill contradicts their irresponsible approach to sending our troops to war on faulty intelligence, and their continued funding support of an open end war in Iraq time and time again.
“The inconsistency of their claims that these proposed GI benefits are entitlements rather than an earned reward for the brave service of the men and woman in our armed services is unconscionable. The Blue Dog Coalition has ignored their own principles when it comes to opposing withdraw timelines, supporting open ended war funding, not holding private contractors in Iraq accountable for overcharges and outright defrauding of our taxpayers.
“This inconsistency in the Blue Dog Coalition’s logic hurts our service members who have served and sacrificed the most for our nation. The Blue Dog Coalition must continue the commitment they made when they decided to send the soldiers and their continued support for a prolonged engagement in Iraq. Their efforts to hold hostage the GI bill expansion also hurts our veterans’ families who continue to sacrifice so much in support of our nation.
“The Blue Dog Coalition should not support sending our men and women into war if they are not willing to match that commitment in support of the needs of our veterans and their families. We owe it to our veterans to reward them for their brave and valued service to our nation.
“I call on the Blue Dog Coalition to reconsider this political ploy and stand with the Democratic Caucus in support of these brave veterans and their families and support the expansion of the GI Bill and efforts to bring our troops home as currently proposed."
There is a point -- lost on bubblebrained Blue Dogs -- when justice is also good politics. When Cardoza comes to town, all we get is another dose of pious hypocrisy. Regretfully, this swill still seems to play well among the greedier sets and, of course, among those who simply follow anyone, anywhere, any time.