WHAT A MESS
So how did we get into this mess?
It was one year ago that the Federal Reserve took the unprecedented step of loaning $29 billion to JP Morgan Chase after the financial ser vices giant acquired Bear Stearns, the once mighty global investment bank and brokerage firm that vir tually collapsed overnight.
That’s when the plug got pulled from the dam.
“Today is the anniversary when you might say a lot of this star ted,” Rep. Michele Bachmann, Minnesota Republican and member of House Financial Services Committee, told Inside the Beltway on March 16. “It laid the groundwork for the federal government bailing out AIG [American International Group] and the other entities that occurred after that.”
Now, the congresswoman pointed out, about 80 percent of AIG is owned by the federal government.
“So you might as well say it has been nationalized,” she said. “A lot has happened over this last year.”
She said while it is “egregious” that $160 million in bonuses were set aside for AIG employees, that’s only one issue: “To me the bigger issue is what AIG has done with this $170 billion [in federal loans]. Nobody really knows. That’s really where the conversation needs to be.”
Mrs. Bachmann faulted the House Financial Ser vices Committee, chaired by Rep. Barney Frank, Massachusetts Democrat, and the Senate Banking Committee, chaired by Sen. Christopher J. Dodd, Connecticut Democrat, for still not seeing to “reforms” of the financial industry.
“That’s the outrage that we need to focus on,” she said. “The American taxpayer is paying a high price for the sin of government — the fact that government . . . has yet to reform itself . . . We still haven’t seen a full examination of how we got into this mess.” explained that when you own a name like “Barack Hussein Obama,” one way to cut a deal between Israel and the Middle East is to bring leaders like Mrs. Clinton into the fold.
As for the second model, Mr. Matthews said history tells the new president it’s important to act quickly: Mr. Johnson and Mr. Reagan, he noted, wasted little time carrying out mandates during their first months in office.
Concer ning the Chicago model, “They are really tough,” Mr. Matthews said of Windy City politicians. “The way they deal with Republicans is to ignore that they are there.” Garfield Street Northwest in Washington, D.C., tells Inside the Beltway that a pair of deputy U.S. marshals paid him a visit March 13 after he had written a letter to U.S. District Court Judge James Robertson regarding President Obama’s citizenship controversy.
Judge Robertson this month threw out a lawsuit questioning whether Mr. Obama was a native-born American citizen, and therefore qualified under the Constitution to be president.
The judge ruled that the eligibility question has been dragged through the mud long enough.
“The issue of the president’s citizenship was raised, vetted, blogged, texted, twittered, and otherwise massaged by Amer-