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 ...
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.
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