Gov't Studies Say Progressives Were Right, Beltway Was Wrong

[NashVegas]

Remember when progressives protested the 2005 bankruptcy bill? Remember when we said it would wreak economic havoc? And remember when Congress overwhelmingly passed it anyway? Well now a new report from the New York Federal Reserve Bank -- not exactly communists -- says that bill is playing a decisive role in the foreclosure surge that undermined our entire economy. Specifically, the bill effectively forces debtors to pay off their credit cards before making mortgage payments, thus throwing them into foreclosure. The Fed estimates that since 2005, the bankruptcy bill is directly responsible for causing 400,000 more foreclosures (32,000 per quarter) than the economy would have generated otherwise.

Remember when progressives opposed the bailout and said that while there was certainly a real economic problem at hand, Wall Street had not made the case that there was an apocalyptic credit crisis warranting a $700 billion bailout? Remember how bloviators like Doris Kearns Goodwin took to PBS to call bailout opponents "irresponsible?" Remember how almost every Establishment media voice and politician berated bailout opponents as unacceptable ideologues who didn't care about the economy? Well now a new report from the Minneapolis Federal Reserve Bank says exactly what we were saying all along: That the government lied to us, and that the hard data proved that the claims about a lending crisis were fabricated.

Finally, remember when progressives said there weren't adequate oversight controls included in the bailout legislation? And remember when politicians -- especially Democrats -- insisted that they had "fixed" the bailout and made sure it included strong safeguards? Well now a new report from the General Accountability Office agrees with progressives, saying that there's almost no oversight at all, and that huge truckloads of taxpayer cash is at risk of being stolen, bilked, or otherwise wasted.

You'll notice that other than a few scant stories about that latter report, the media has almost completely ignored these damning studies. In our country, it doesn't matter what the chattering class says and how wrong these fools are -- people like Goodwin and the like retain their media credentials and teevee platforms as supposed "experts."

http://www.huffingtonpost.com/david-sirota/govt-studies-say-progress_b_151083.html

[RUMMYisFROSTED]

1. Remember when progressives said Chimp would be a disaster?

I was thinking of posting a thread on this subject a couple of days ago. Maybe the reason progs are rarely wrong is because we rarely get our way...

[NashVegas]

2. I Think It's More

A matter that we're so far out in front of the crowd that we don't bother trying to cash in.

[RUMMYisFROSTED]

5. I couldn't care less about cashing in.

:shrug:

[Raineyb]

3. I wonder if any of the DLC fans will admit this

Eh, who am I fooling, they won't any more than they'll admit that Progressives have been right.

Regards

[Lilith Velkor]

4. Big surprise, there

And I believe the failure to impeach - at least Cheney - will prove more damning, in the long term.

For lying us into a disastrous war that would have been prevented, if the chattering class had not been too busy shouting us down.