A lot of people have asked why nobody sounded the alarm prior to the housing crisis.  Of course, the truth is that a few brave  journalists and politicians did raise concerns over Fannie and Freddie.  Trouble was, these malcontents were generally shouted-down by Republicans and Democrats who were equally happy with the current system.

In 2005, Fortune Magazine wrote a powerful column comparing Fannie May to Enron.  The subtitle said it all: "This is not your ordinary accounting fraud. Yes, there's the matter of $9 billion in overstated earnings. But the fight over Fannie is a nasty political showdown where everyone has his own agenda. And it's not over yet."

Of course, this wasn't enough to bring about the necessary changes that might have prevented the housing meltdown.  And Fannie, of course, was aided and abetted by credible-sounding leaders representing "nice-sounding" organizations.  For example, in the past, I've written about the Center for Responsible Lending -- a liberal organization that is largely responsible for the housing crisis.

It turns out that when others tried to sound the alarm about some of Fannie's questionable practices back in 2005, Martin Eakes (the founder of the Self-Help Credit Union who was in the subprime lending business with Fannie) -- defended Fannie and accused critics of conducting a 'hatchet job'.  

According to the Fortune Magazine column:

After the Enron scandal broke, nobody defended Ken Lay or Jeff Skilling. But in the wake of the Fannie Mae scandal, Raines still had legions of supporters. There are plenty of people who still believe that what's good for Fannie is good for home-ownership--and that the whole thing was little more than a political dirty trick. "They're just not dishonest in any way," says Martin Eakes, who runs the Self-Help Credit Bureau in North Carolina. "It's a little hard for me to swallow that what appears to me to be a hatchet job by OFHEO has basically been validated by the SEC.... You mark my words, you will not find scandal there or fraud."

It is clear that when it comes to assigning blame, there has been a double standard.  While some former CEO’s – and even pundits – have been held accountable for their mistakes regarding the economy, others – like Eakes – have managed to escape criticism without even having their credibility dinged …
 

Michael Medved, Mike Gallagher, Hugh Hewitt and Texas Governor Rick Perry Kickoff 12 City National Tour of Obama The First 100 Days.

Every American Presidency has a significant barometer: where is the country after the first 100 days in to a new Administration. Last Night, Dallas/Fort Worth's News Talk 660 KSKY kicked of Salem Radio Network's National Tour of Obama the First 100 Days.

There is a tremendous amount of angst, and anger, in America after a expeditious move away from individual freedoms to governmental control. This feeling has caused Americans who haven't been part of the political process to come out and voice their opinions which is why over 2000 people came out on a Monday night to hear America's leading conservative voices talk about bailouts, socialism, an ever-expanding government, trillion dollar deficits, and even tea-parties and how they are moving political debate.

John Hanlon has posted some event photos from Dallas here more can be found at KSKY.com. Blog Editor

The event began with retired Air Force Captain Scott O'Grady, the American Hero who was shot down over Bosnia, leading the audience in the Pledge of Allegiance. Thus began the fun as Texas Governor Rick Perry joined Mike Gallagher, Michael Medved, and Hugh Hewitt on stage for a roundtable discussion led by questions submitted by KSKY listeners on-line leading up to the event.

When these events come to a market near you, this is a can't miss opportunity to be a part of an historic series. At each event, you will have the opportunity to subscribe to Townhall Magazine. For tickets, go to townhall.com/100days.


Texas Governor Rick Perry, Mike Gallagher, Michael Medved,
and Hugh Hewitt at the  National Kickoff in Dallas of Obama,
The First 100 Days.


Governor Perry Twittering During the Event!


Governor Perry visiting with KSKY Listeners during the VIP
dinner behind stage.

Fort Worth Tea Party at La Grave Field (Home of the FW Cats)

Wednesday, nearly half a million Americans came out across the heartland of America, from small towns to big cities, all for one reason…to be part of a grassroots movement called Tea Parties. Citizen Patriots who are fed up with the direction this country has gone, not just since January 20th, mobilized to become one voice united against bailouts, outrageous government spending, and deficits that have reached the trillion dollar mark. They’re mad and Wednesday night was a way to show they’re not going to take it anymore.

I was lucky enough to see the Fort Worth Tea Party first hand, serving as the emcee, as over 5,000 people showed up at La Grave Field outside of downtown to hear from the Texas Governor, Rick Perry, to a Grapevine High School Senior who gave us hope for the future. The main stream media, in the weeks leading up to the tea parties, decided on taking one of two paths: either ignoring it all together or having a calculated plan on portraying it as a group of nuts who were on the fringe of America. 
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And they did not disappoint. What will go down as the most vivid example of media bias is the confrontation between a Chicago Tea Party attendee and one of the most unprofessional reporters to hold a microphone, CNN’s Susan Roesgen. Greg Hengler has the shocking video of Roesgen’s inept attempt at being an unbiased reporter and what happened after the CNN cameras were turned off.

You have to understand, the main stream media in this country is overwhelmingly liberal and their undeniable agenda is to promote the left while minimizing (or even hijacking) anything done by conservatives in this country. Can you imagine a reporter asking the illegal aliens attending an amnesty rally “this is the country of Ellis Island where people immigrated to America the right way versus violating our laws, shouldn’t you honor that by coming into our country the legal way?”  It’s helpful to know that Ms. Roesgen has covered events of this type with a kid glove approach because it was a liberal rally and not a conservative movement. Again, thanks to Greg for getting this video - boy does this highlight the hypocrisy.


Again, in Fort Worth, over 5000 people came out to a minor league ballpark (with 200 cars waiting to get in the parking lot) to be part of an event where they could voice their anger over the direction we’re going in. Governor Perry, who has received a tremendous amount of positive response for fighting for states rights under the 10th Amendment, received thunderous applause of applause during a passionate conservative speech that resulted in chants of PERRY-PERRY-PERRY. 

In Atlanta, twenty THOUSAND people met up in a spirited display of unity against bailouts and spendulus bills that are driving our country deeper and deeper into debt. Another 20,000 were in San Antonio at the Alamo with Glenn Beck.

Now, the question many will ponder is, what happens next…where do we go from here, what roll will the tea parties play in the political arena. One thing is for sure, the liberal left in this country has a serious case of denial when it’s leader, Nancy Pelosi, calls this “astro turf led by rich people on the right who don’t want to pay their taxes.” Trust me Madam Speaker, I’m not reach and there was no fakeness to the 5000 people I saw Wednesday night.

Rush Limbaugh said on his post-tea party show that we must be careful that this doesn’t develop into a third party…because third party candidates lose and help other candidates win – i.e. Ross Perot helping Bill Clinton defeat George H.W. Bush.  These tea-party goers aren’t the longtime activists who walk/knock/phone for candidates. Instead, they are small business owners or stay at home moms who are tired of what they see out of their elected officials..both Democrats AND Republicans.

This angst, or even anger, has to be -- and will be -- harnessed into a true movement. The words and signs show that people are fed up and aren’t going to take it anymore. Anyone who thinks this will simply go away is sadly mistaken.

It also could be the springboard to tap into that anger and eloquently communicate to the masses…as Texas Governor Rick Perry has done with his fight for the 10th Amendment and HCR 50. Hearing chants of PERRY-PERRY-PERRY proves it can be done.

Perhaps it will lead to a Tea Party National Convention, I’d suggest here in Texas, to come together and solidify the movement…perhaps considering a third party…but to be organized so rallies like this happen more frequently and unemployment is not only something Americans on Main Street see … but those in Washington get to see when they’re voted out of office.

Yesterday's Wall Street Journal included an interesting take on the controversial payday loan industry.

Though payday loans may not be your cup of tea -- this op-ed demonstrates that the alternatives are even worse.  As is usually the case when Congress wants to "reform" an industry -- and limit a consumers potential options -- consumers are the ones who lose.

It's also worth noting that the banking industry (which charges ridiculously high punitive rates for overdrafts) -- would prosper if the so-called Payday Loan Reform Act passes Congress.  (Did I mention the winners here tend to be large political donors?)   

... Though I found the op-ed interesting when I read it, I didn't decide to blog about it until I noticed something very interesting last night -- Stephen Colbert (of all people) -- talking about it!  

If you want to know just how organized the anti-payday lending forces are, it seems curious to me that the same day this Wall Street Journal op-ed hit, Colbert did a two-minute take-down of the industry -- and also took down a Member of Congress whom the anti-payday folks despise (it starts six minutes in).   

There is a growing sense around the country of angst (SEE TEA PARTIES) and a number of Republican Governors have decided to refuse parts of the Spendulus Money being sent to them....but there is another aspect that isn't getting a lot of talk and that is the focus on the 10th Amendment which reads "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people."

In Texas, there is House Concurrent Resolution 50, a joint resolution to remind the Federal Government that, as HCR 50 says, "that the United States Supreme Court has ruled in New York v. United States, 112 S. Ct. 2408 (1992), that congress may not simply commandeer the legislative and regulatory processes of the states."

From Texas Governor Rick Perry , “I believe that our federal government has become oppressive in its size, its intrusion into the lives of our citizens, and its interference with the affairs of our state,” adding “that is why I am here today to express my unwavering support for efforts all across our country to reaffirm the states’ rights affirmed by the Tenth Amendment to the U.S. Constitution. I believe that returning to the letter and spirit of the U.S. Constitution and its essential 10th Amendment will free our state from undue regulations, and ultimately strengthen our Union.”

Now we all know journalism has taken a pretty significant hit this past year, more evidence of a lack of it comes from Christy Hoppe of the Dallas Morning News in her criticism of Governor Perry for "a chest-pounding exhortation and relatively meaningless missive to Congress."

Once again, the press misses the boat and dismisses an act of leadership. Not surprising, since there is no mention of the tea party phenomenon that is going on across the country.

Matt posted earlier on the Department of Homeland Security's Assessment of "Rightwing Extremism," and this should raise everyone's eyebrows.

I took the time to read this and what it boils down to is trying to say anyone who opposes Obama, like they did with Clinton in the 1990's, is a domestic terrorist. Funny how BHO got rid of the terminology "fighting the war on terror" but terror is used over and over again in this document.

They say because there was an Historical Presidential Election,

"Rightwing extremists are harnessing this historical election as a recruitment tool. Many rightwing extremists are antagonistic toward the new presidential administration and its perceived stance on a range of issues, including immigration and citizenship, the expansion of social programs to minorities, and restrictions on firearms ownership and use. Rightwing extremists are increasingly galvanized by these concerns and leverage them as drivers for recruitment.

So now if you want to oppose the President and work to get him out of office in four years, the Department of Homeland Security will have a file on you much like the KGB did in the Soviet Union. I can only imagine what mine says there in the O-GB Bureau?

that GEICO commerical is really starting to haunt me.

UPDATE: Can you IMAGINE if the Bush/Cheney Administration had a file about Leftwing Extremism? The calls for impeachment, who knew and when did they know, surpressing free speech, etc. would be the news cycle for MONTHS. The whole discussion on MSNBC, PBS, CNN, etc. would be calls for the immediate resignation from Bush Administration officials and it would be deafening.

Thanks to Hotair.com for catching this video where the tea parties are being classified by a leftie as a "shame and a fraud" bought and paid for by Dick Armey and Steve Forbes.

As I wrote about earlier today, should the left take these across the country revolts as anything but intense anger and a movement that will unify the right ... they will one day look back and wish they had not done that.

Stuart Varney did an EXCELLENT job in showing how utterly idiotic this lefty is in his words. Sham and a fraud, that my friend is the change we got from Barack Obama.

I used to think that Hollywood's opposition to your owning the movies we own was an example of Hollywood standing still (while technology and the future passed them by). 

... Then I saw an ad for the hideous Keanu Reeves movie, The Day the Earth Stood Still , and noticed that if you pay an extra five, or so, bucks, they will allow you to save your DVD to one computer (this feature only applies to select movies chosen by Hollywood).

It turns out, Hollywood does not object to allowing consumers to backup DVD's -- what they do object to is anybody making money other than them.  ... And if you invent a technology could threaten their monopolistic ability to squeeze every last dollar out of the pockets of consumers -- they will sue you (By the way, MPAA takes RealDVD to court on April 24 ). 

Of course, this is still an example of Hollywood not getting it.  Imagine if, instead of allowing people to download iTunes, you could only back up a CD if you bought it (and you could only back it up once).  If Hollywood wants to survive, they should do three things:  1).  Quit recycling horrible movies, 2). Quit putting Keanu Reeves in those movies, and 3). Quit trying to stamp out innovations by suing entrepreneurs who challenge your monopoly.

As April 15th approaches and Tax Day Tea Party Organizers go into last minute mode, it is becoming increasingly obvious there is a disconnected between DC and the heartland and this is reminiscent of Dan's Bake Sale.



What is Dan's Bake Sale you might ask? In 1993, a caller called into the Rush Limbaugh Show mentioning he was getting a Xerox'd copy of The Limbaugh Letter because his wife wouldn't let him buy his own. You see, back then, there was a bake sale for everything and the great Rushbo suggested Dan host one of his own to buy the newsletter. As time went on, it became bigger and bigger and eventually was the conservatives version of Woodstock. 70,000 people flooded Fort Collins and Rush himself showed up.

Fast forward to today, and that same angst is out there about our country ... if anything, it's even worse. Thus, the Tea Party phenomenon is born. Wednesday, thousands will gather from NYC to Dallas/Fort Worth to small towns across the country. Organizers, in many cases, aren't your typical political activists but the next door neighbor who doesn't agree with federal bailouts and out of control spending. Many are even people who voted for Barack Obama who didn't expect a dramatic shift from free market to socialist policies. Not the "change" they had in mind, as one caller told me.

Frankly, the heartland is mad and they aren't going to take it anymore. Many Americans have grown fed up with DC and there is a growing divide between those inside the beltway with those of us in middle America. Groups like Let Freedom Ring USA are getting involved getting by telling everyone to text in and become part of the largest petition  that will will be delivered to their Representatives, will plug into a new national network and receive issue alerts, and receive important alerts & news of critical meetings.

What these Tea Parties have become, In essence, is the new "Dan's Bake Sale." That, of course, isn't making the lefties very happy at all. They don't want anyone else being a "community organizers" and will do all they can to make sure they assist the main stream media in vandalizing it in the world of public opinion.  As Greg Hengler pointed out Saturday, the lefties are mobilizing by having "citizen reporters" there ready to get some nut to say the wrong thing and take it out of context to fuel the MSM in their efforts to downplay this as a group of crackpots.
While it is an old tactic, it is an easy one to do because the media really likes to be spoon fed instead of getting off their duffs and working.

These Tea Parties (I'll be the emcee for the one in Fort Worth, TX) are a result of a groundswell of anxiety and people demanding to put their foot down and influence the course this country takes during Barack Obama's four years as President. Anyone who dismisses this, including those on the right, do so at their own peril.

I'll be filling in for Scott Wilder on The Word 100.7FM Christian Talk Radio in Dallas from 3-6:30PM this afternoon. We'll be talking Tea Parties. I attended the organizational meeting of the Dallas Tea Party at the Grassroots Citizens of Dallas County Meeting last night and it was fire marshall full. This is going to be a huge event next Wednesday around the country.

Joining me at 3:15 will be Colin A. Hanna, President of Let FreedomRing USA, a 501 (c)(4) non-profit organization formed to counter the attacks of anti-conservative groups on patriotic candidates as well as attacks on the important issues of our day – those that affect the core of our society: the family, marriage, the economy, energy, abortion, health care and foreign policy, to name just a few. They have a unique aspect to the tea parties that we'll learn more about.

At 5:15, we'll be joined by Roger Williams, Republican candidate for Senate in Texas and how these grassroots events are important to moving conservatism forward.

We'll take YOUR calls at 800-949-5973! Join us in Dallas on 100.7FM or on the Internet at thewordfm.com.