Senator Cornyn’s speech today was mostly about the government bail out of Fannie Mae and Freddie Mac. Someone in the audience spoke out and reminded everyone that the reason that we’re in the mess we’re in right now with these two companies is that congress approved a bill that basically said you can’t deny a loan based on the person’s ability to pay. It was probably a liberal that proposed the bill to begin with. Democrats are dishonest when they attempt to place blame on George W’s policy’s. Here’s a novel idea “Team Win Team Loss.” My philosophy is that they both caused it.

Senator Cornyn readily admits that the bailout package is only a small part of the solution. Congress as a whole needs to relook at the legislation that was passed that affects the Home Loan market and see what needs to be rescinded. He also said that the attorney general needs to look into the collapse of both companies for criminal prosecution. At that point the audience began chanting Barney Frank and the Senator laughed a little bit.

All in all it was well worth going to see. I think those who are angry with the Senator for voting for the bill will still be angry no matter what anybody else says. My comments on the bill were dead accurate in my blog that covered the bail out as confirmed by Senator Cornyn’s people.

Democrats are yelling for regulators but there were regulators on the job. Maybe it would help if they weren’t paid off to turn a blind eye. Two years ago the Republicans attempted to pass a reform bill to keep the two companies from reaching where they are now and the Democrats shot it down and made fun of the Senators that attempted to pass the protective legislation. Insisting there were no problems. Fast foward to this year supposedly Obama is attempting to dishonestly say he warned of the problem two years ago. I didn’t see his name on the bill so how can he have had any part of it. Sorry Barry, you can’t ride on John McCain’s coat tail because you weren’t there!

Other Democrats want to regulate the home loan market. Well we had regulators on the job and that worked well didn’t it? Anytime the government has attempted to regulate, it has never worked out well. First off things change at a rabbit pace with technology and new techniques. The government is incapable of keeping up which means the size of government increases. It doesn’t necessarily mean that they will keep up. Look at the laws as it pertains to the internet. The technology has changed yet laws have failed to keep up with the current atmosphere. Cyber stalking isn’t necessarily considered a crime in most states nor at the federal level.

Either way you look at it, this is a potentially dangerous situation in our economy.