After getting my fill of all the commentary last night, as all the cable networks started their replays of the debate, I started surfing through the channels and stumbled into the middle of a Grade A, CLASSIC O'Reilly meltdown. I know his ratings are through the roof, but this guy is really a complete mental case:
WIth 4 weeks left to go, it is desperation time for the Repugs. And like the cornered animals they are, I'm afraid this is only the beginning......
FRANK: No. You've misrepresented this consistently. I became chairman of the committee on January 31st, 2007. Less than two months later, I did what the Republicans hadn't been able to do in 12 years — get through the committee a very tough regulatory bill. And it passed the House in May.
I've always felt two things about Fannie Mae and Freddie Mac, that they had an important role to play, but that the regulations should be improved.
Now from 1995 to 2006, when the Republicans controlled Congress and we were in the minority, we couldn't get that done. Although in 2005, Mike Oxley, of Sarbanes-Oxley fame, a pretty tough guy on regulation, did try to put a bill through to regulate Fannie Mae. I worked with him on it. As he told The Financial Times, he thought ideological rigidity in the Bush administration stopped that.
But the basic point is that the first time I had any real authority over this was January of 2007. And within two months, we had passed the bill that regulated.
O'REILLY: OK. And that's true, all of that is true.
FRANK: And then also, one other point: The Senate was dragging its feet, as often happens. And in January of 2008, I asked Secretary Paulson to put in the stimulus bill. So, the earliest chance I got to put tough regulation of Fannie Mae and Freddie Mac, we did it.
O'REILLY: All right, that's swell. But you still went out in July and said everything was great. And off that, a lot of people bought stock and lost everything they had.
FRANK: Oh, no.
O'REILLY: And — yes, oh yes. Oh, yes.
FRANK: I said it wasn't a good investment. Please stop yelling.
O'REILLY: Don't give me any of that, we just heard the words. What are you…
FRANK: That's wrong.
O'REILLY: You didn't say that? You want me to play it again for you?
FRANK: You didn't listen to it.
O'REILLY: No, I listened to every word you said. And I have the transcript right here.
FRANK: No, and I said it wasn't a good investment.
O'REILLY: Yes, you said going forward, we're going to be swell.
FRANK: No, I didn't say swell. Excuse me, Bill.
O'REILLY: Look, from August '07 to August '08.
FRANK: Excuse me, Bill.
O'REILLY: Don't — look, stop the B.S. here. Stop the crap! From August '07 to August '08…
FRANK: You know, here's the problem going on your show...
O'REILLY: …under your tutelage, this industry…
FRANK: Here is the problem going on your show.
O'REILLY: …declined 90 percent. 90 percent.
FRANK: Yes, but…
O'REILLY: Oh, none of this was your fault! Oh, no. People lost millions of dollars. It wasn't your fault. Come on, you coward! Say the truth.
FRANK: What do you mean coward?
O'REILLY: You're a coward. You blame everybody else. You're a coward.
FRANK: Bill, here's the problem with going on your show. You start ranting. And the only way to respond is almost to look as boorish as you. But here's the facts. I specifically said in the quote you just played that I didn't think it was a good investment. I wasn't telling anybody to buy stock. I said it wasn't a good investment.
Secondly, I wasn't presiding idly over this. I was trying to get the regulations adopted. We got them adopted in May.
WIth the trajectory of the race starting to settle in, it's time to hit the panic button if you're a repug. With the economic crisis likely to dominate the headlines in the remaining weeks, Grumpy McSame and his minions really have only one tack to take here: Outrage. There is not enough time to play the bi-partisan kumbaya card anymore. It's going to have to be all about making Obama and the dems unacceptable. With the repugs being increasingly saddled with this economic mess, look for these cornered animals to go all out in an attempt to pin it on the dems. It ain't gonna fly, but it will be fun to watch.
I expect Grumpy to start picking up the mantle as well in the remaining 2 debates. Look for the gloves to really come off in the remaining 4 weeks. It won't matter. Grumpy will simply come across as Grumpy and Obama will remain above the fray, but it will be fun to watch. Get your seatbelts on though because we've seen what these creatures look like when they're in a panic, especially when the loss of their power is at stake and it ain't pretty.