Originally published 12:00 a.m., May 5, 2010, updated 03:27 a.m., May 5, 2010
NUGENT: Is the kettle black enough?
If ever there was a case of the proverbial pot calling the kettle black, it is the cluster of new financial "reform" regulations Washington politicians are trying to foist on the back of Wall Street.
In a typical political smoke-and-mirrors misdirection, President Obama wants us to believe greedy Wall Street bankers are to blame for our economy sinking in financial quicksand and that more government regulations and controls are the answer. Don't believe it.
The truth is that the federal government, as always, has overtly wasted, lost and blown far more of our hard-earned tax dollars than Wall Street crooks could have ripped off in their wildest Bernie Madoff imaginations. Our politicians are the real bandits and culprits of our economic calamity.
What our elected idiots willfully and with malicious forethought did not do - even when warned to do so by Fed Chairman Alan Greenspan in 2005 - was rein in the out-of-control, government-managed Fannie Mae and Freddie Mac.
Regarding Fannie and Freddie, Mr. Greenspan told Congress in 2005, "We are placing the total financial system of the future at substantial risk."
A significant Fannie and Freddie reform bill was passed by the Senate Banking Committee in 2005, but the Democrats prevented the bill from becoming law and thus set in motion the events that would steer our economy straight off the cliff. While this economic storm was brewing, then-Sen. Barack Obama collected more than $125,000 from Fannie and Freddie in political contributions.
The Democrats' pathetic, unethical and arguably criminal lack of control of Fannie and Freddie, coupled with their own pressure on banks to make high-risk home loans to people who couldn't afford them, is the reason for our economic meltdown. Believe it and blame the Democrats - and the Republicans who failed to do a thing.
Now those very same Democrats want to control Wall Street. Unbelievable. Welcome to the Planet of the Apes.
America is going bankrupt not because of crooked and unethical Wall Street investment bankers. We are in this financial morass because of a bloated, ineffective, unaccountable and wasteful Fedzilla.
Poll after poll finds Americans have little faith in our professional political windbags, who, in addition to causing our current economic meltdown, have robbed and plundered the Social Security Trust Fund and Medicare over the years to the point that both these entities are not only broke, but massively in debt. President Obama's solution: more government borrowing, taxing and spending. Anti-social insecurity anyone?
No one in Washington ever accepts any blame or fault. There is always someone or something else to blame. This time, it's Wall Street's fault, but anyone with an ounce of common sense and a modicum of desire to know the truth understands that the underlying fault for all - yes, all - of our economic, social and cultural problems is Fedzilla and the political punks who feed it for their own political profit. To hell with America; they need votes.
How dare these political frauds shake their own corrupt finger at Wall Street. Where are the journalists who should be shouting daily questions at these political frauds and pouring buckets of hot ink on the editorial pages of newspapers and blogs across the country, exposing these elected frauds who are financially raping and plundering America? Our forefathers would encourage us to get a bucket of hot tar and some feathers and run these crooks out of town.
If we continue down this economically suicidal, massive-deficit-spending and higher-tax path that President Obama is intent on, our economy will continue to grind to a halt, unemployment will remain high, investments will dry up, and entrepreneurs will fade away. I'm just a guitar player, and I figured that out decades ago.
The Tea Party gets it. Its members understand that out-of-control and unsustainable government spending has put America on the path to financial ruin. And what does our lapdog media do? Castigate the Tea Party as being a bunch of illiterate racists. What a joke. I heard the circus is looking for some new clowns.
I'll bet the president a backyard beer at the White House that many more Americans would entrust their future to Wall Street bankers than to the elected frauds and idiots who have plundered the national treasury and put America's future on thin ice.
November is hunting season. No bag limit.
Ted Nugent is an unstoppable American rock 'n' roll, sporting and political-activist icon. He is author of "Ted, White & Blue: The Nugent Manifesto" and "God, Guns & Rock 'N' Roll" (Regnery Publishing).