Skip to comments.Barack Obama's Fannie Mae/Freddie Mac Connection
Posted on 09/17/2008 5:02:40 PM PDT by fightinJAG
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 get Fannie and Freddie political contributions. The top three U.S. senators getting big Fannie and Freddie political bucks were Democrats and No. 2 is Sen. Barack Obama.
Now remember, he's only been in the Senate four years, but he still managed to grab the No. 2 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 turns 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 CEO job.
(Excerpt) Read more at foxnews.com ...
I’m sure the MSM will get right on this.
Demand an investigation!
I hope talk radio talks a lot about this tomorrow.
Do I hear Nancy Pelosi complaining about a “cesspool of corruption?”
Can’t hear you Nancy!!
Why isn’t McCain talking about this? I know the obama media won’t report it, but McCain could. Does anyone understand how theses people could pocket millions and get away with this? Liberals cry that CEO’s should not get millions, yet look at this abuse of power. I’m so frustrated with no action. I hope something is in the works. McCain should name names: “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 CEO job.” Chris Dodd......
Did anyone see Karl Rove on Hannity tonight? He was saying the same thing...he was passionate about defending against the dems attempt to lay all this at the feet of Bush and republicans. HE had lots of facts and inside info to support that the origin of the problems are with Fannie May, who was run by Obama’s advisors at the time. It is powerful stuff. Where is the media? (I know, it’s rhetorical).
He CRUSHED Alan colmes. It was funny.
He is talking about it. But it would be more effective if he made an ad on it. He’d reach more people.
This Fannie Mae crisis is the Democrats’ Enron.
Colmes looked like he wet his pants. He kept trying to butt in and Karl talked him down. Usually the other way around. Colmes really looked sick.
McCain better get out in front of this economy issue.
Hit 0bama hard on FNMA and Raines.
The message needs to be that FNMA is the root cause of the Wall Street turmoil.
I agree that McCain better jump on the economy.
Something I’d like to see in an ad...
“When the democrats took over Congress in 2006 (Bush’s 6th year of his presidency) unemployment was at 4.5%. Home values were up. New home sales were up. Consumer confidence was up. Gas prices were just $2.33 a gallon. What has happened since the democrats have taken charge? Since january over 600,000 Americans have lost their jobs. Paychecks are flat. Home values are falling.It’s now hard to pay for gas, heating oil and groceries. What’s changed? We didn’t have these problems back in November 2006. Back then it was unthinkable that Americans would have to take out a mortgage in order to pay for the winter’s heating oil just to stay warm. The only change between November 2006 and now is that the democrats have had control of Congress.”
The underlying factors of todays Wall Street turmoil were wel under way by 2006.
This started in the mid 90’s under Former Clinton Crony and Current Economoic Adviser to 0bama, Franklin Raines.
FNMA started borrowing cash, using the TAXPAYER as guarantor, and financed trillions in loans by unqualified borrowers (all the while paying themselves huge bonuses).
McCain needs to mention this Obama - Fannie Mae connection at every Town Hall, Campaign Rally, Interview, and debate. He needs to make an ad exposing this connection.
You said it pretty concisely. All we need is another four years of Nancy with Mr. Empty Suit to make it complete. Yes, we are worse off since the Democrats took over control of Congress.
McCain has to be less defensive on this. This crisis was not caused by the free market, but rather by well-intentioned government interference in the housing market. Not only was Obama taking money and advice from Fannie and Freddie people, his statist policies are exactly what is wrong. McCain’s idea for a commission to study the issues is sound (after all, this is a complex problem), but not a good sound bite.
It’s been said many, many times. but we’ve got the best Congress money can buy.
Re: The best Congress money can buy.
And when it *does* count, you can’t count on them staying bought!
I am pretty sure he will, especially after what he proposed on the Senate floor in 2005 on this issue. He has to prepare for this carefully, like a bullfighter finally throw the sword fatally perfectly!!!
It is incredible that some of the "American" people will spend a half of BILLION dollar$$$+ to elect a buffoon as their President and he then will continue to steal money out of their pocket by raising taxes!!!
Can anyone explain the logic, hmmm???
Yep. McCain needs to start running against the democratic congress, because that’s where obama lives. Run against congress - no drilling, fannie / freddie, etc. and show people how obama voted and benefited.
This is a huge club that McCain can beat the Dems with endlessly. But so far he seems reluctant to use it. He better wake up quick because the Dems are making it seem like Republicans are responsible for the mess. If McCain sticks to the populist message of “greed” on Wall Street, he’ll be in big trouble. Unless he rightly ties the Dems to the problem. The election could swing on this one issue.
So Fannie Mae is really the Democrats piggy bank under the guise of a financial vehicle that is supposed to help the poor. Typical liberal Democrats.
I think the main lesson from this debacle is that even when people try to fix problems in Washington, and try hard, NOTHING happens until the doo-doo hits the fan.
Then the gubmint gets involved and makes things worse.
The financial crisis is all due to sub prime loans. Follow the history:
The excesses at Fannie Mae and Freddie Mac can be traced back to the Congress during the Clinton administration. They gave birth to the sub prime loan idea. That is the baby that should have been aborted. Making loans to people that can’t afford the house is how we got in this mess.
Congress encouraged sub prime loans while Mozilla at Countrywide had a reverse redline on making home loans in bad neighborhoods. Barack’s buttboy, Jim Johnson, made $25 million a year at Fannie Mae giving money to politicians. Although only being in the Senate a short time, Barack was right at the top of the money trough.