Tuesday, September 16, 2008

Fannie & Freddie (& Obama) sittin' in a Tree!

Excerpt via Powerline.
Where McCain does have a strong argument is the political money-tree that Fannie Mae and Freddy Mac became. Today, McCain said:

He talks a tough game on the financial crisis, but the facts tell a different story. Senator Obama took more money from Fannie Mae and Freddy Mac than anyone but the chairman of the committee they answer to, and he put Fannie Mae's CEO, who helped create this problem, in charge of finding his Vice President. That's not change, that's what's broken in Washington.

McCain is right about that, and it only scratches the surface of the Democratic Party's corrupt relationship with the two mortgage entities. Fox News's John Gibson reported today:

Lehman Brothers' collapse is traced back to Fannie Mae and Freddie Mac, the two big mortgage banks that got a federal bailout a few weeks ago. Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs.
A group called the Center for Responsive Politics keeps track of which politicians got Fannie and Freddie political contributions. The top three U.S. Senators getting big Fannie and Freddie political bucks were Democrats, and number two is Senator Barack Obama. Now, remember, he has only been in the Senate four years but still managed to grab the number two spot ahead of John Kerry, decades in the senate, and Chris Dodd, who is chairman of the Senate Banking Committee.

Fannie and Freddie have been creations of the Congressional Democrats and the Clinton White House, designed to make mortgages available to more people, and as it turned out, some people who couldn't afford them. Fannie and Freddie have also been places for big Washington Democrats to go to work in the semi-private sector and pocket millions. The Clinton administration's White House budget director Franklin Raines ran Fannie and collected $50 million. Jamie Gorelick, Clinton Justice Department official, worked for Fannie and took home $26 million. Big Democrat Jim Johnson, recently on Obama's VP search committee, has hauled in millions from his Fannie Mae C.E.O. job.

Now remember, Obama's ads and stump speeches attack McCain and Republican policies for the current financial turmoil. It is demonstrably not Republican policy and worse, it appears the man attacking McCain, Senator Obama, was at the head of the line when the piggies lined up at the Fannie and Freddie trough for campaign bucks. Senator Barack Obama, number two on the Fannie/Freddie list of favored politicians after just four short years in the Senate. Next time you see that ad, you might notice he fails to mention that part of the Fannie and Freddie problem.

1 comment:

Ida said...


How dare you say anything about a man who has proved that mccain is not in touch with the common people by rubbing nutsacks with a bunch of ridiculously rich mansion owners at 30k a plate while wall street is melting.