Frank Salvato is the Executive Director and Director of
Terrorism Research for
BasicsProject.org a non-profit,
non-partisan, 501(c)(3) research and education initiative. His
writing has been recognized by the US House International
Relations Committee and the Japan Center for Conflict
Prevention. His organization partnered in producing the original
national symposium series addressing the root causes of radical
Islamist terrorism. He serves as the managing editor for The New
Media Journal. Mr. Salvato has appeared on The O'Reilly Factor
on FOX News Channel and is a regular guest on talk radio
including on The Right Balance with Greg Allen on the Accent
Radio Network and on The Captain's America Radio Show catering
to the US Armed Forces around the world. His opinion-editorials
have been published by The American Enterprise Institute, The
Washington Times & Human Events and are syndicated nationally.
He is occasionally quoted in The Federalist. Mr. Salvato is
available for public speaking engagements.
The ultimate example of
opportunistic politics before good government was displayed in
Washington over the past several days. Political operatives from both
sides of the aisle did everything in their power to create a
government-based solution to the financial crisis facing our country; a
government-created problem. In the end the US House of Representatives
voted down the highly contentious Wall Street bailout bill mostly due to
the fact that we are within the 30-day window when voters do not forget
actions taken by their elected officials. If only the public’s attention
were always so focused.
In the end 90 House Democrats joined with 133 House Republicans in an
effort to stop a measure that would have seen the biggest expansion of
government in US history. In effect, it would have placed the coyote in
charge of the hen house.
Many in our citizenry viewed the now-dead proposal as a "no fault"
measure that would have allowed those responsible for this financial
malfeasance to escape culpability and with good reason. Watching US Rep.
Barney Frank (D-MA) and US Sen. Chris Dodd (D-CT) – along with their
leadership, Nancy Pelosi (D-CA) and Harry Reid (D-NV) and Senior Senator
from New York, Charles Schumer – harangue about how Democrats were
taking the lead in crafting "bi-partisan” legislation to "rescue” the
average American from the evils of Wall Street was the ultimate exercise
Frank and Dodd, both chairmen of their respective committees that over
see the financial community on matters directly related to this crisis
and the malfeasance that brought us to this point, were
derelict in their duties not only as chairmen charged with
oversight, but in their duties to their respective constituencies in
that they were not providing good government.
Without doubt, Frank and Dodd should resign from their chairmanships
immediately and without question. If the GOP had been in control of
Congress at this point in time Democrats would have been screaming for
the chairmen’s resignation not only from their chairmanships but from
Congress. So, let’s exact some "what’s good for the goose” here.
But the buck doesn’t stop with Frank and Dodd. Nor does it stop with
Pelosi, Reid or Schumer. The indefensible governmental actions that led
to the enabling of Wall Street’s greed merchants and the coercion of
responsible financial institutions began with Jimmy Carter and continued
under Bill Clinton.
"...a United States federal law
that requires banks and savings and loan associations to offer credit
throughout their entire market area and prohibits them from targeting
only wealthier neighborhoods with their services, a practice known as
"redlining." The purpose of the CRA is to provide credit, including home
ownership opportunities to under-served populations and commercial loans
to small businesses. It has been subjected to important regulatory
In a nutshell, this legislation
forced financial institutions to offer loans to people that didn’t
qualify for loans; that could satisfy the terms of loans based on sound
Bill Clinton continued this march to financial disaster with his
National Homeownership Initiative, which saw Community Reinvestment
Act mortgage loans explode by 39 percent from 1993 to 1998. In
comparison other loans increased by a market bearing 17 percent.
Much to the chagrin of the mainstream news media and the Democrats who
are cohesive in their propaganda in that they are placing the blame for
this financial debacle at the feet of President Bush and congressional
Republicans (and let’s not forget their never-ending attempt to marry
every crisis to John McCain), the president, John McCain and
congressional republicans were sounding the alarm on this looming crisis
ever since 2001. In fact, the GOP controlled Senate
passed a bill out of committee in 2005 increasing oversight on
Fannie Mae and Freddie Mac only to see it stonewalled by the Senate
Democrats when it came time to move it out of committee and to the
Senate floor for a vote.
So, on the eve of the 2008 General Election – which also sees many in
Congress up for re-election – we witness a Congress, led by the very
people who caused the crisis in the first place, scrambling to fix
decades worth of governmental mismanagement by setting up yet another
government controlled program.
Are you starting to see the incredible inanity of the situation?
To be certain, action must be taken to avert a considerable financial
crisis, but the solution does not rest with bailing out the financial
sector and it certainly doesn’t rest in empowering a government that was
ultimately responsible for enabling Wall Street greed merchants at the
start. The answer rests with empowering the people, the citizen, the
Our elected officials - our US Representatives, US Senators and the
White House – must understand we the taxpayers – We the People – have
had enough and are exercising our constitutionally mandated right to
provide oversight to our elected officials. To do that we must make our
Just as We the People stopped the sham of an immigration bill we can
apply enough pressure on our elected officials to bring them to craft a
piece of legislation that affords taxpayer monies to the taxpayers
so that they can lift themselves out of this financial crisis by
paying their own bills. Approaching the existing crisis in this
▪ Make available liquid assets to the banks and financial institutions
currently strapped for cash because of the "bad paper" they hold.
▪ Eliminate the immediate threat of foreclosure to those who were
afforded loans they couldn't afford.
▪ Eliminate any need for a massive expansion of federal government, thus
reducing the proposal for a greater "governmental footprint" in our
▪ Allows taxpayers to use their own money to rectify private sector
matters without governmental interference.
The solution for this "crisis" rests with the people, not the
government; government will be responsible for repealing Bill Clinton's
National Homeownership Initiative and eliminating Jimmy Carter's
Community Reinvestment Act, and disciplining US Rep. Barney Frank
and Sen. Chris Dodd for their dereliction of duty with regard to their
obligation to provide congressional oversight.
In the beginning, when our Framers and Founders created the incredible
documents that are The Charters of Freedom – the Declaration of
Independence, the US Constitution and the Bill of Rights – they
understood that government was to be executed from the local to the
federal; they maintained that because we had a citizen government,
created to serve the people rather than to lord over the
people, that the power needed to rest with the people.
Ladies and Gentlemen, it is time to exercise our constitutional duties
of civic responsibility. Let’s tell government to give us our own money
back so we can fix the mess they have created. It is time to put good
government before opportunistic blame-game politics. Anything else would
be to ignore the will of the people.
President George W. Bush
1600 Pennsylvania Avenue
Comments: (202) 456-1111
Switchboard: (202) 456-1414
FAX: (202) 456-2461
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